Exhibit | Description of Exhibit | |||||||
99.1 | ||||||||
99.2 |
SEMANTIX, INC. | ||||||||
By: | /s/ Leonardo dos Santos Poça D’Água | |||||||
Name: | Leonardo dos Santos Poça D’Água | |||||||
Title: | Chairman of the Board and Chief Executive Officer |
Exhibit 99.1 | |||||
2Q 2023 | 2Q 2022 | Y/Y Change | 1H23 | 1H22 | Change | ||||||||||||||||||
Net Revenue | R$ 48 | R$ 46 | 4% | R$ 88 | R$ 86 | 3% | |||||||||||||||||
Gross Profit | R$ 23 | R$ 15 | 51% | R$ 40 | R$ 28 | 42% | |||||||||||||||||
Gross Margin | 47% | 33% | 15 pp | 45% | 32% | 13 pp | |||||||||||||||||
Adjusted EBITDA | (R$ 26) | (R$21) | (20%) | (R$ 58) | (R$ 36) | (61%) | |||||||||||||||||
Adjusted EBITDA Margin | (54%) | (47%) | (7 pp) | (66%) | (42%) | (24 pp) |
Jun 30, 2023 | Dec 31, 2022 | Change | |||||||||
Cash and Cash Equivalents | R$ 151 | R$ 338 | (55%) | ||||||||
Net Cash (Debt) | R$ 90 | R$ 259 | (65%) |
Three Months Ended, Jun, 30 | Six Months Ended, Jun, 30 | |||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||
Revenues | 48,003 | 46,108 | 87,682 | 85,542 | ||||||||||
Cost of sales | (25,346) | (31,067) | (48,151) | (57,793) | ||||||||||
Gross profit | 22,657 | 15,041 | 39,531 | 27,749 | ||||||||||
Operating expenses | ||||||||||||||
Sales and marketing expenses | (12,952) | (15,578) | (27,204) | (24,830) | ||||||||||
General and administrative expenses | (40,111) | (19,730) | (76,303) | (59,498) | ||||||||||
Research and development | (8,626) | (13,287) | (21,322) | (20,565) | ||||||||||
Operating loss | (39,032) | (33,554) | (85,298) | (77,144) | ||||||||||
Financial income | 9,487 | 2,335 | 19,850 | 6,630 | ||||||||||
Financial expenses | (3,703) | (12,715) | (18,164) | (19,208) | ||||||||||
Net financial results | 5,784 | (10,380) | 1,686 | (12,578) | ||||||||||
Loss before income tax | (33,249) | (43,934) | (83,612) | (89,722) | ||||||||||
Income tax | (2,795) | 1,670 | (246) | 3,572 | ||||||||||
Loss for the period | (36,044) | (42,264) | (83,858) | (86,150) |
Three Months Ended, Jun, 30 | Six Months Ended, Jun, 30 | |||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||
Third-party software | 26,867 | 28,888 | 50,470 | 52,246 | ||||||||||
Deductions on third-party software | (3,151) | (2,996) | (5,344) | (4,943) | ||||||||||
Revenue from Third-party software | 23,716 | 25,892 | 45,126 | 47,303 | ||||||||||
AI & data analytics services | 9,393 | 10,524 | 17,831 | 19,076 | ||||||||||
Deductions on AI & data analytics services | (631) | (690) | (1,194) | (1,250) | ||||||||||
Revenue from AI & data analytics services | 8,762 | 9,834 | 16,637 | 17,826 | ||||||||||
Proprietary software as a service (SaaS) | 16,356 | 11,108 | 27,500 | 21,839 | ||||||||||
Deductions on proprietary software as a service (SaaS) | (1,143) | (726) | (1,893) | (1,429) | ||||||||||
Revenue from proprietary software as a service (SaaS) | 15,213 | 10,382 | 25,607 | 20,410 | ||||||||||
Other revenue | 312 | — | 312 | 3 | ||||||||||
Total revenue | 48,003 | 46,108 | 87,682 | 85,542 |
Six months ended June 30 | ||||||||
2023 | 2022 | |||||||
Loss for the period | (83,858) | (86,150) | ||||||
Adjustments to reconcile loss for the period | ||||||||
Depreciation and amortization | 16,165 | 7,471 | ||||||
Deferred income tax | 333 | (3,683) | ||||||
Onerous contract | — | (477) | ||||||
Fair value adjustment of derivatives financial instruments | 5,164 | 1,586 | ||||||
Stock option plan | 1,732 | 2,292 | ||||||
Trade and other receivables expected loss | 7,461 | 484 | ||||||
Accounts receivable write-off and Write-off of creditor invoice | (227) | (4,590) | ||||||
Provision for contingencies | 443 | 774 | ||||||
Interest accrued | 4,208 | 14,979 | ||||||
Interest paid | (1,954) | (11,815) | ||||||
Change in operating assets and liabilities | (92,777) | (76,481) | ||||||
Net cash outflow from operating activities | (94,731) | (88,296) | ||||||
Purchase and development of intangible assets | (19,389) | (14,652) | ||||||
Acquisition of subsidiaries net of cash acquired | (24,386) | — | ||||||
Acquisitions of property and equipment | (76) | (319) | ||||||
Net cash outflow from investment activities | (43,851) | (14,971) | ||||||
Loans obtained | — | 122,016 | ||||||
Proceeds from exercise of stock options | 511 | 276 | ||||||
Acquisition of non-controlling interest | 5,018 | (148) | ||||||
Payment of loans | (20,027) | (21,210) | ||||||
Purchase of treasury shares | (34,633) | — | ||||||
Lease payments | (794) | (535) | ||||||
Net cash inflow (outflow) from financing activities | (49,925) | 100,399 | ||||||
Increase (decrease) in cash and cash equivalents | (188,507) | (2,868) | ||||||
Cash and cash equivalents at the beginning of the year | 338,020 | 52,149 | ||||||
Cash and cash equivalents at the end of the year | 151,223 | 48,881 | ||||||
Effect of exchange rate changes | 1,710 | (400) | ||||||
Increase (decrease) in cash and cash equivalents | (188,507) | (2,868) | ||||||
Supplemental non-cash flow information | ||||||||
Remeasurement of lease agreement | 199 | — | ||||||
Unpaid amount related to business combination | 9,558 | — | ||||||
Other receivables related to the sale of non-controlling interest | 5,018 | — |
June 30, 2023 | December 31, 2022 | |||||||
ASSETS | ||||||||
Cash and cash equivalents | 151,223 | 338,020 | ||||||
Trade receivables and other, net | 140,801 | 139,546 | ||||||
Tax receivables | 17,037 | 11,317 | ||||||
Prepaid expenses and other assets | 23,338 | 35,060 | ||||||
PP&E, Intangible and right of use asset | 165,770 | 156,110 | ||||||
Deferred tax asset | 21,818 | 22,488 | ||||||
Total current assets | 326,459 | 519,169 | ||||||
Total non-current assets | 193,528 | 183,372 | ||||||
Total assets | 519,987 | 702,541 | ||||||
LIABILITIES | ||||||||
Loans and borrowings | 60,789 | 78,671 | ||||||
Trade and other payables | 68,756 | 107,695 | ||||||
Lease liabilities and other liabilities | 51,538 | 64,676 | ||||||
Taxes payable | 12,700 | 14,733 | ||||||
Derivatives financial instruments | 12,811 | 6,412 | ||||||
Deferred income tax | 8,592 | 8,929 | ||||||
Total current liabilities | 115,686 | 181,390 | ||||||
Total non-current liabilities | 99,500 | 99,726 | ||||||
Total liabilities | 215,186 | 281,116 | ||||||
EQUITY | ||||||||
Share capital | 425 | 425 | ||||||
Additional paid-in capital | 872,771 | 872,771 | ||||||
Capital reserves | 22,543 | 20,300 | ||||||
Other comprehensive income | (7,216) | (6,840) | ||||||
Treasury shares | (35,141) | (508) | ||||||
Accumulated loss | (552,224) | (468,869) | ||||||
Non-controlling interests | 3,643 | 4,146 | ||||||
Total equity | 304,801 | 421,425 | ||||||
Total equity + liabilities | 519,987 | 702,541 |
Three Months Ended, June 30, | Six Months Ended, June 30, | |||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||
Loss for the period | (36,044) | (42,263) | (83,858) | (86,150) | ||||||||||
(+/-) Net interest income (expenses) | (4,647) | 7,735 | (10,476) | 11,736 | ||||||||||
(+/-) Income tax | 2,794 | (1,675) | 246 | (3,577) | ||||||||||
(+) Depreciation and amortization | 8,205 | 3,760 | 16,164 | 7,478 | ||||||||||
EBITDA | (29,692) | (32,444) | (77,925) | (70,512) | ||||||||||
(+) Share based plan expenses (1) | 1,086 | 1,342 | 2,173 | 2,907 | ||||||||||
(+) Transaction expenses (2) | — | 9,645 | — | 31,408 | ||||||||||
(+) D&O Expenses (3) | 4,391 | — | 9,002 | — | ||||||||||
(+/-) Fair Value of Derivative Financial Instruments (4) | (3,617) | — | 5,079 | — | ||||||||||
(+) Earn-Outs (5) | 2,052 | — | 3,552 | — | ||||||||||
Adjusted EBITDA | (25,780) | (21,458) | (58,119) | (36,198) | ||||||||||
Net Revenue | 48,003 | 45,918 | 87,682 | 85,353 | ||||||||||
Adjusted EBITDA Margin | (54) | % | (47) | % | (66) | % | (42) | % |
Page | |||||
Unaudited Interim Condensed Consolidated Statement of Financial Position | F-2 | ||||
Unaudited Interim Condensed Consolidated Statement of Profit or Loss | F-3 | ||||
Unaudited Interim Condensed Consolidated Statement of Other Comprehensive Income or Loss | F-4 | ||||
Unaudited Interim Condensed Consolidated Statement of Changes in Equity | F-5 | ||||
Unaudited Interim Condensed Consolidated Statement of Cash Flows | F-6 | ||||
F-6 | |||||
Semantix, Inc. | |||||
Unaudited Interim Condensed Consolidated Statement of Financial Position As of June 30, 2023 and December 31, 2022 (In thousands of Brazilian Reais, unless otherwise stated) |
Notes | June 30, 2023 | December 31, 2022 | |||||||||||||||
ASSETS | |||||||||||||||||
Current assets | |||||||||||||||||
Cash and cash equivalents | 4 | 151,223 | 338,020 | ||||||||||||||
Trade receivables | 5 | 54,661 | 43,675 | ||||||||||||||
Contract assets | 5 | 86,140 | 95,871 | ||||||||||||||
Tax receivables | 17,037 | 11,317 | |||||||||||||||
Prepaid expenses and other assets | 17,398 | 30,286 | |||||||||||||||
Total current assets | 326,459 | 519,169 | |||||||||||||||
Deferred tax asset | 6 | 21,818 | 22,488 | ||||||||||||||
Other assets | 5,940 | 4,774 | |||||||||||||||
Property and equipment, net | 3,125 | 3,474 | |||||||||||||||
Right of use asset | 1,636 | 2,106 | |||||||||||||||
Intangible assets, net | 7 | 161,009 | 150,530 | ||||||||||||||
Total non-current assets | 193,528 | 183,372 | |||||||||||||||
Total assets | 519,987 | 702,541 | |||||||||||||||
LIABILITIES | |||||||||||||||||
Current liabilities | |||||||||||||||||
Loans and borrowings | 8 | 27,353 | 31,001 | ||||||||||||||
Trade and other payables | 5 | 67,233 | 106,023 | ||||||||||||||
Contract liabilities | 9 | 1,523 | 1,672 | ||||||||||||||
Lease liabilities | 1,483 | 1,292 | |||||||||||||||
Deferred consideration, contingent liabilities and others | 9 | 5,394 | 26,669 | ||||||||||||||
Taxes payable | 12,700 | 14,733 | |||||||||||||||
Total current liabilities | 115,686 | 181,390 | |||||||||||||||
Loans and borrowings | 8 | 33,436 | 47,670 | ||||||||||||||
Lease liabilities | 423 | 1,141 | |||||||||||||||
Derivatives financial instruments | 10 | 12,811 | 6,412 | ||||||||||||||
Deferred consideration, contingent liabilities and others | 9 | 44,238 | 35,574 | ||||||||||||||
Deferred income tax | 6 | 8,592 | 8,929 | ||||||||||||||
Total non-current liabilities | 99,500 | 99,726 | |||||||||||||||
Total liabilities | 215,186 | 281,116 | |||||||||||||||
Net assets | 304,801 | 421,425 | |||||||||||||||
EQUITY | |||||||||||||||||
Share capital | 11 | 425 | 425 | ||||||||||||||
Additional paid in capital | 11 | 872,771 | 872,771 | ||||||||||||||
Treasury shares | 11 (b) | (35,141) | (508) | ||||||||||||||
Capital reserves | 11 | 22,543 | 20,300 | ||||||||||||||
Other comprehensive loss | 11 (c) | (7,216) | (6,840) | ||||||||||||||
Accumulated loss | (552,224) | (468,869) | |||||||||||||||
301,158 | 417,279 | ||||||||||||||||
Non-controlling interests | 3,643 | 4,146 | |||||||||||||||
Total equity | 304,801 | 421,425 |
Semantix, Inc. | |||||
Unaudited Interim Condensed Consolidated Statement of Profit or Loss For the six and three months period ended June 30, 2023 and 2022 (In thousands of Brazilian Reais, except earnings per share) |
Three-month period ended June 30, | Six-month period ended June 30, | |||||||||||||||||||||||||||||||
Notes | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||
Revenues | 13 | 48,003 | 46,108 | 87,682 | 85,542 | |||||||||||||||||||||||||||
Cost of sales | 14 | (25,346) | (31,067) | (48,151) | (57,793) | |||||||||||||||||||||||||||
Gross profit | 22,657 | 15,041 | 39,531 | 27,749 | ||||||||||||||||||||||||||||
Operating expenses | ||||||||||||||||||||||||||||||||
Sales and marketing expenses | 14 | (12,952) | (15,578) | (27,204) | (24,830) | |||||||||||||||||||||||||||
General and administrative expenses | 14 | (40,111) | (19,730) | (76,303) | (59,498) | |||||||||||||||||||||||||||
Research and development | 14 | (8,626) | (13,287) | (21,322) | (20,565) | |||||||||||||||||||||||||||
Operating loss | (39,032) | (33,554) | (85,298) | (77,144) | ||||||||||||||||||||||||||||
Financial income | 15 | 9,487 | 2,335 | 19,850 | 6,630 | |||||||||||||||||||||||||||
Financial expenses | 15 | (3,704) | (12,715) | (18,164) | (19,208) | |||||||||||||||||||||||||||
Net financial results | 5,783 | (10,380) | 1,686 | (12,578) | ||||||||||||||||||||||||||||
Loss before income tax | (33,249) | (43,934) | (83,612) | (89,722) | ||||||||||||||||||||||||||||
Income tax | 6 | (2,795) | 1,670 | (246) | 3,572 | |||||||||||||||||||||||||||
Loss for the period | (36,044) | (42,264) | (83,858) | (86,150) | ||||||||||||||||||||||||||||
Net loss attributed to: | ||||||||||||||||||||||||||||||||
Controlling interest | (35,732) | (42,363) | (83,355) | (86,187) | ||||||||||||||||||||||||||||
Non-controlling interest | (312) | 99 | (503) | 37 | ||||||||||||||||||||||||||||
(36,044) | (42,264) | (83,858) | (86,150) | |||||||||||||||||||||||||||||
Loss per share: | ||||||||||||||||||||||||||||||||
Basic and diluted losses per share (R$) | 18 | (0.45) | (0.68) | (1.05) | (1.39) |
Semantix, Inc. | |||||
Unaudited Interim Condensed Consolidated Statement of Other Comprehensive Income or Loss For the six and three months period ended June 30, 2023 and 2022 (In thousands of Brazilian Reais, except earnings per share) |
For the three-month periods ended June 30, | For the six-month periods ended June 30, | |||||||||||||||||||||||||||||||
Notes | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||
Loss for the period | (36,044) | (42,264) | (83,858) | (86,150) | ||||||||||||||||||||||||||||
Other comprehensive income (loss) | ||||||||||||||||||||||||||||||||
Items that can be reclassified subsequently to profit or loss | ||||||||||||||||||||||||||||||||
Foreign exchange variation of investees located abroad | 991 | (2,335) | 1,710 | (400) | ||||||||||||||||||||||||||||
Loss - Hedge activities | 10 | (1,203) | (3,895) | (2,086) | (3,895) | |||||||||||||||||||||||||||
Total comprehensive loss for the period | (36,256) | (48,494) | (84,234) | (90,445) | ||||||||||||||||||||||||||||
Comprehensive income (loss) attributed to: | ||||||||||||||||||||||||||||||||
Controlling interest | (35,944) | (48,593) | (83,731) | (90,482) | ||||||||||||||||||||||||||||
Non-controlling interest | (312) | 99 | (503) | 37 |
Semantix, Inc. | |||||
Unaudited Interim Condensed Consolidated Statement of Changes in Equity For the six and three months period ended June 30, 2023 and 2022 (In thousands of Brazilian Reais, unless otherwise stated) |
Attributable to the owner of the Company | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes | Share capital | Additional Paid-in Capital | Treasury Shares | Capital reserves | Loss -Hedge activities | Foreign currency translation reserve | Accumulated loss | Total | Non-controlling interest | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2021 | 55,818 | — | — | 15,999 | — | (1,022) | (140,477) | (69,682) | 5,787 | (63,895) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss for the period | — | — | — | — | — | — | (86,187) | (86,187) | 37 | (86,150) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation differences | — | — | — | — | — | (400) | — | (400) | — | (400) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hedging gains and losses and costs of hedging of loans and borrowings | — | — | — | — | (3,895) | — | — | (3,895) | — | (3,895) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) for the period | — | — | — | — | (3,895) | (400) | (86,187) | (90,482) | 37 | (90,445) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transactions with owners of the Group: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based payment | — | — | — | 2,292 | — | — | — | 2,292 | — | 2,292 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transaction with non-controlling interest-Tradimus | — | — | — | — | — | — | — | — | (148) | (148) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock option | — | — | — | 276 | — | — | — | 276 | — | 276 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2022 | 55,818 | — | — | 18,567 | (3,895) | (1,422) | (226,664) | (157,596) | 5,676 | (151,920) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2022 | 425 | 872,771 | (508) | 20,300 | (3,341) | (3,499) | (468,869) | 417,279 | 4,146 | 421,425 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss for the period | — | — | — | — | — | — | (83,355) | (83,355) | (503) | (83,858) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation differences | — | — | — | — | — | 1,710 | — | 1,710 | — | 1,710 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hedging activities losses | — | — | — | — | (2,086) | — | — | (2,086) | — | (2,086) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) for the period | — | — | — | — | (2,086) | 1,710 | (83,355) | (83,731) | (503) | (84,234) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transactions with owners of the Group: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share based plan | 12 | — | — | — | 1,732 | — | — | — | 1,732 | — | 1,732 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock option | 12 | — | — | 1,480 | 511 | — | — | — | 1,991 | — | 1,991 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Treasury shares | 11 | — | — | (36,113) | — | — | — | — | (36,113) | — | (36,113) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2023 | 425 | 872,771 | (35,141) | 22,543 | (5,427) | (1,789) | (552,224) | 301,158 | 3,643 | 304,801 |
Semantix, Inc. | |||||
Unaudited Interim Condensed Consolidated Statement of Cash Flows For the six-months period ended June 30, 2023 and 2022 (In thousands of Brazilian Reais, unless otherwise stated) |
Six month periods ended June 30 | |||||||||||||||||
Notes | 2023 | 2022 | |||||||||||||||
Cash flows from operating activities | |||||||||||||||||
Loss for the period | (83,858) | (86,150) | |||||||||||||||
Adjustments for: | |||||||||||||||||
Depreciation and amortization | 14 | 16,165 | 7,471 | ||||||||||||||
Deferred income tax | 6 | 333 | (3,683) | ||||||||||||||
Onerous contract | 14 | — | (477) | ||||||||||||||
Fair value adjustment of derivatives financial instruments | 15 | 5,164 | 1,586 | ||||||||||||||
Share based plan | 12 | 1,732 | 2,292 | ||||||||||||||
Write-off of creditor invoice | 14 | — | (4,301) | ||||||||||||||
Trade and other receivables expected credit loss | 5 | 7,234 | 195 | ||||||||||||||
Provision for contingencies | 443 | 774 | |||||||||||||||
Interest accrued related to loans and leases | 4,208 | 14,979 | |||||||||||||||
Adjusted loss for the period | (48,579) | (67,314) | |||||||||||||||
Change in operating assets and liabilities | |||||||||||||||||
Trade and other receivables | 5 | (8,488) | (14,051) | ||||||||||||||
Tax receivables | (5,720) | (1,040) | |||||||||||||||
Prepaid expenses and other assets | 8,112 | (11,913) | |||||||||||||||
Account payables and accrued expenses | (39,743) | 19,507 | |||||||||||||||
Taxes payable | (2,033) | 1,083 | |||||||||||||||
Deferred consideration, contingent liabilities and others | 9 | 3,674 | (2,753) | ||||||||||||||
Cash used in operations | (92,777) | (76,481) | |||||||||||||||
Interest paid | (1,954) | (11,815) | |||||||||||||||
Net cash outflow from operating activities | (94,731) | (88,296) | |||||||||||||||
Cash flows from investment activities | |||||||||||||||||
Purchase and development of intangible assets | 7 | (19,389) | (14,652) | ||||||||||||||
Acquisition of subsidiaries net of cash acquired | 3/9 | (24,386) | — | ||||||||||||||
Acquisitions of property and equipment | (76) | (319) | |||||||||||||||
Net cash outflow from investment activities | (43,851) | (14,971) | |||||||||||||||
Cash flows from financing activities | |||||||||||||||||
Loans obtained | 8 | — | 122,016 | ||||||||||||||
Proceeds from exercise of stock options | 12 | 511 | 276 | ||||||||||||||
Proceeds from non-controlling interest | 5,018 | (148) | |||||||||||||||
Payment of loans | 8 | (20,027) | (21,210) | ||||||||||||||
Purchase of treasury shares | 11 | (34,633) | — | ||||||||||||||
Lease payments | (794) | (535) | |||||||||||||||
Net cash inflow (outflow) from financing activities | (49,925) | 100,399 | |||||||||||||||
Increase (decrease) in cash and cash equivalents | (188,507) | (2,868) | |||||||||||||||
Cash and cash equivalents at the beginning of the period | 4 | 338,020 | 52,149 | ||||||||||||||
Cash and cash equivalents at the end of the period | 4 | 151,223 | 48,881 | ||||||||||||||
Net foreign exchange difference | 1,710 | (400) | |||||||||||||||
Increase (decrease) in cash and cash equivalents | (188,507) | (2,868) | |||||||||||||||
Supplemental non-cash flow information | |||||||||||||||||
Remeasurement of lease agreement | 199 | — | |||||||||||||||
Unpaid amount related to business combination | 9 | 9,558 | — | ||||||||||||||
Other receivables related to the sale of non-controlling interest | 5,018 | — |
Semantix, Inc. | |||||
Notes to Unaudited Interim Condensed Consolidated Financial Statements As of June 30, 2023 (In thousands of Brazilian Reais, unless otherwise stated) |
Semantix, Inc. | |||||
Notes to Unaudited Interim Condensed Consolidated Financial Statements As of June 30, 2023 (In thousands of Brazilian Reais, unless otherwise stated) |
Place of Business/Country of Incorporation | Group’s interest (i) | Principal Activities | ||||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||
% | % | |||||||||||||||||||||||||
Indirectly controlled | ||||||||||||||||||||||||||
Semantix, US Holding, Inc (ii) | United States | 100.0 | — | Holding company and SaaS and PaaS provider | ||||||||||||||||||||||
Elemeno Inc. (iii) | United States | 100.0 | — | SaaS and PaaS provider |
Semantix, Inc. | |||||
Notes to Unaudited Interim Condensed Consolidated Financial Statements As of June 30, 2023 (In thousands of Brazilian Reais, unless otherwise stated) |
Semantix, Inc. | |||||
Notes to Unaudited Interim Condensed Consolidated Financial Statements As of June 30, 2023 (In thousands of Brazilian Reais, unless otherwise stated) |
Cash transferred at acquisition date | 1,999 | |||||||
Deferred consideration | 2,032 | |||||||
Contingent consideration* | 2,348 | |||||||
Total purchase consideration | 6,379 |
Fair value of identified assets and assumed liabilities | at February 21, 2023 | |||||||
Cash and cash equivalents | 113 | |||||||
Refundable obligations | 1,410 | |||||||
Intangible assets (*) | 2,985 | |||||||
Other liabilities | (102) | |||||||
Labor and social security obligations | (1,410) | |||||||
Net identifiable assets acquired | 2,996 |
Assets | Amount | Method | Expected amortization period | |||||||||||||||||
Technology | 2,985 | Relief from royalty | 5 years |
June 30, 2023 | December 31, 2022 | |||||||||||||
Cash and bank accounts | 22,994 | 60,278 | ||||||||||||
Short-term investments | 128,229 | 277,742 | ||||||||||||
151,223 | 338,020 |
Semantix, Inc. | |||||
Notes to Unaudited Interim Condensed Consolidated Financial Statements As of June 30, 2023 (In thousands of Brazilian Reais, unless otherwise stated) |
June 30, 2023 | December 31, 2022 | |||||||||||||
Trade receivables | 78,044 | 68,040 | ||||||||||||
Contract assets (a) | 94,256 | 95,871 | ||||||||||||
Expected credit loss (b) | (31,499) | (24,365) | ||||||||||||
140,801 | 139,546 |
Opening balance as of January 1, 2023 | (24,365) | |||||||
Additions, net | (7,461) | |||||||
Foreign exchange translation | 100 | |||||||
Write-off | 227 | |||||||
Closing balance as of June 30, 2023 | (31,499) |
June 30, 2023 | December 31, 2022 | |||||||||||||
Current | 62,936 | 54,112 | ||||||||||||
Overdue between: | ||||||||||||||
From 1 to 30 days | 6,488 | 11,680 | ||||||||||||
From 31 to 60 days | 938 | 2,216 | ||||||||||||
More than 61 days | 7,682 | 32 | ||||||||||||
78,044 | 68,040 |
June 30, 2023 | December 31, 2022 | |||||||||||||
Suppliers | 44,131 | 74,621 | ||||||||||||
Labor and social obligations | 23,067 | 31,379 | ||||||||||||
Other accounts payables | 35 | 23 | ||||||||||||
67,233 | 106,023 | |||||||||||||
Current | 67,233 | 106,023 |
Semantix, Inc. | |||||
Notes to Unaudited Interim Condensed Consolidated Financial Statements As of June 30, 2023 (In thousands of Brazilian Reais, unless otherwise stated) |
For the three-month periods ended June 30, | For the six-month periods ended June 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Loss before income tax | (33,249) | (43,934) | (83,612) | (89,722) | ||||||||||||||||||||||
Income tax at the nominal Brazilian tax rate - 34% | 11,304 | 14,938 | 28,428 | 30,506 | ||||||||||||||||||||||
Tax paid on profits of overseas subsidiaries | 846 | 351 | — | 549 | ||||||||||||||||||||||
Non-deductible expenses | (799) | (110) | (799) | (110) | ||||||||||||||||||||||
Deferred tax not recognized (b) | (10,647) | (19,081) | (28,428) | (34,666) | ||||||||||||||||||||||
Effects from entities taxed at different taxation regimes (a) | (2,595) | 3,779 | 3,406 | 6,656 | ||||||||||||||||||||||
Share-based payment | 518 | 656 | 810 | 779 | ||||||||||||||||||||||
Others | (1,422) | 1,137 | (3,663) | (142) | ||||||||||||||||||||||
Total adjustments | (14,099) | (13,268) | (28,674) | (26,934) | ||||||||||||||||||||||
Income tax as reported | (2,795) | 1,670 | (246) | 3,572 | ||||||||||||||||||||||
Current income tax | — | — | 87 | (111) | ||||||||||||||||||||||
Deferred income tax | (2,795) | 1,670 | (333) | 3,683 | ||||||||||||||||||||||
Semantix, Inc. | |||||
Notes to Unaudited Interim Condensed Consolidated Financial Statements As of June 30, 2023 (In thousands of Brazilian Reais, unless otherwise stated) |
Balance as of January 1, 2023 | Recognized in profit or loss | Balance as of June 30, 2023 | ||||||||||||||||||
Bonus provision | 3,366 | (2,185) | 1,181 | |||||||||||||||||
Contingency | 8,387 | (249) | 8,138 | |||||||||||||||||
Right of use asset | 1,710 | 226 | 1,936 | |||||||||||||||||
Impairment of trade receivables | 4,407 | 313 | 4,720 | |||||||||||||||||
Share-based payment | 4,618 | 867 | 5,485 | |||||||||||||||||
Effect of changes in foreign exchange rates | — | 358 | 358 | |||||||||||||||||
Deferred tax assets | 22,488 | (670) | 21,818 |
Balance as of January 1, 2023 | Recognized in profit or loss | Balance as of June 30, 2023 | ||||||||||||||||||
Effect of changes in foreign exchange rates | (155) | 153 | (2) | |||||||||||||||||
Net gain or loss on hedge instruments | (1,581) | (264) | (1,845) | |||||||||||||||||
Identifiable assets acquired | (7,193) | 448 | (6,745) | |||||||||||||||||
Total | (8,929) | 337 | (8,592) |
Goodwill | Software | Brands | Contract with customers | Development costs | Total | |||||||||||||||||||||||||||||||||
As of December 31, 2021 | 24,854 | 5,843 | 8,633 | 6,924 | 28,374 | 74,628 | ||||||||||||||||||||||||||||||||
Additions | — | — | — | — | 14,652 | 14,652 | ||||||||||||||||||||||||||||||||
Amortization | — | (569) | (150) | (370) | (5,468) | (6,557) | ||||||||||||||||||||||||||||||||
As of June 30, 2022 | 24,854 | 5,274 | 8,483 | 6,554 | 37,558 | 82,723 |
Goodwill | Software | Brands | Contract with customers | Development costs | Total | |||||||||||||||||||||||||||||||||
As of December 31, 2022 | 73,596 | 8,902 | 8,340 | 8,308 | 51,384 | 150,530 | ||||||||||||||||||||||||||||||||
Additions | — | 2,630 | 30 | — | 16,729 | 19,389 | ||||||||||||||||||||||||||||||||
Business combination (Note 3) | 3,383 | 2,985 | — | — | — | 6,368 | ||||||||||||||||||||||||||||||||
Foreign exchange translation | (206) | — | — | — | — | (206) | ||||||||||||||||||||||||||||||||
Amortization | — | (1,276) | (148) | (542) | (13,106) | (15,072) | ||||||||||||||||||||||||||||||||
As of June 30, 2023 | 76,773 | 13,241 | 8,222 | 7,766 | 55,007 | 161,009 |
Semantix, Inc. | |||||
Notes to Unaudited Interim Condensed Consolidated Financial Statements As of June 30, 2023 (In thousands of Brazilian Reais, unless otherwise stated) |
Liabilities | Interest rate | Currency | Maturity | June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||
Itaú Unibanco S.A. – Nassau Branch (i) | 12.28% per annum | EUR | 2025 | 9,172 | 12,061 | |||||||||||||||||||||||||||
Banco BMG S.A. (ii) | CDI + 6.32% per annum | Brazilian | 2023 | — | 3,130 | |||||||||||||||||||||||||||
Itaú Unibanco S.A. (iii) | 12.15% per annum | Brazilian | 2025 | 353 | 433 | |||||||||||||||||||||||||||
Banco Santander S.A. (iv) | 5.98% per annum | Brazilian | 2024 | 19,266 | 25,000 | |||||||||||||||||||||||||||
Itaú Unibanco S.A. – Nassau Branch (v) | 3,05% per annum | USD | 2026 | 7,044 | 8,921 | |||||||||||||||||||||||||||
Banco Bradesco S.A. (vi) | 14.77% per annum | Brazilian | 2026 | 24,954 | 29,126 | |||||||||||||||||||||||||||
Total | 60,789 | 78,671 | ||||||||||||||||||||||||||||||
Current | 27,353 | 31,001 | ||||||||||||||||||||||||||||||
Non-current | 33,436 | 47,670 |
Opening balance at January 1, 2023 | 78,671 | |||||||
Payment of loans | (20,027) | |||||||
Interest paid | (1,954) | |||||||
Accrued interest | 4,099 | |||||||
Closing balance at June 30, 2023 | 60,789 |
Semantix, Inc. | |||||
Notes to Unaudited Interim Condensed Consolidated Financial Statements As of June 30, 2023 (In thousands of Brazilian Reais, unless otherwise stated) |
June 30, 2023 | December 31, 2022 | |||||||||||||
Accounts payable from acquisition of subsidiaries (i) | 9,558 | 29,814 | ||||||||||||
Contingent liabilities (ii) | 26,520 | 24,667 | ||||||||||||
Contract liabilities | 1,523 | 1,672 | ||||||||||||
Contingent consideration (iii) | 11,148 | 3,248 | ||||||||||||
Other liabilities | 2,406 | 4,514 | ||||||||||||
51,155 | 63,915 | |||||||||||||
Current | 6,917 | 28,341 | ||||||||||||
Non-current | 44,238 | 35,574 |
Semantix, Inc. | |||||
Notes to Unaudited Interim Condensed Consolidated Financial Statements As of June 30, 2023 (In thousands of Brazilian Reais, unless otherwise stated) |
Idex | Maturity | June 30, 2023 | December 31, 2022 | |||||||||||||||||
Non-current liabilities | ||||||||||||||||||||
Interest rate swaps - cash flow hedges | ||||||||||||||||||||
Itaú Unibanco S.A. EUR | EUR/BRL | May 28, 2025 | 3,541 | 2,554 | ||||||||||||||||
Itaú Unibanco S.A. USD | USD/BRL | February 18, 2026 | 2,155 | 972 | ||||||||||||||||
Derivative warrants liabilities | 7,115 | 2,886 | ||||||||||||||||||
Total non-current derivative financial instrument liabilities | 12,811 | 6,412 |
June 30, 2023 | June 30, 2022 | ||||||||||
Loss on derivative financial instruments | (5,164) | (1,586) |
Semantix, Inc. | |||||
Notes to Unaudited Interim Condensed Consolidated Financial Statements As of June 30, 2023 (In thousands of Brazilian Reais, unless otherwise stated) |
Public Warrants | Private Placement Warrants | Total | |||||||||||||||
Balance at December 31, 2022 | 1,794 | 1,092 | 2,886 | ||||||||||||||
Change in fair value | 2,628 | 1,601 | 4,229 | ||||||||||||||
Balance at June 30, 2023 | 4,422 | 2,693 | 7,115 |
June 30, 2023 | ||||||||||||||||||||
Hedge item | Hedge instrument | |||||||||||||||||||
Book value | Variation in value recognized in income | Variation in the amounts used to calculate hedge ineffectiveness | ||||||||||||||||||
Assets | Liabilities | Notional value | ||||||||||||||||||
Strategies | ||||||||||||||||||||
Interest rate and foreign exchange risk | ||||||||||||||||||||
NDF | — | 16,216 | 2,794 | 29,418 | (5,696) | |||||||||||||||
Total | — | 16,216 | 2,794 | 29,418 | (5,696) |
Cost of Hedging reserve | |||||
Change in fair value of hedging instrument recognized in OCI | 2,086 | ||||
Closing balance as of June 30, 2023 | 2,086 | ||||
Semantix, Inc. | |||||
Notes to Unaudited Interim Condensed Consolidated Financial Statements As of June 30, 2023 (In thousands of Brazilian Reais, unless otherwise stated) |
December 31, 2022 | ||||||||||||||||||||
Hedge item | Hedge instrument | |||||||||||||||||||
Book value | Variation in value recognized in income | Variation in the amounts used to calculate hedge ineffectiveness | ||||||||||||||||||
Assets | Liabilities | Notional value | ||||||||||||||||||
Strategies | ||||||||||||||||||||
Interest rate and foreign exchange risk | ||||||||||||||||||||
NDF | — | 21,010 | 1,507 | 27,188 | (2,831) | |||||||||||||||
Total | — | 21,010 | 1,507 | 27,188 | (2,831) |
Cost of Hedging reserve | |||||
Change in fair value of hedging instrument recognized in OCI | 3,341 | ||||
Closing balance as of Closing balance as of December 31, 2022 | 3,341 |
Semantix, Inc. | |||||
Notes to Unaudited Interim Condensed Consolidated Financial Statements As of June 30, 2023 (In thousands of Brazilian Reais, unless otherwise stated) |
Semantix, Inc. | |||||
Notes to Unaudited Interim Condensed Consolidated Financial Statements As of June 30, 2023 (In thousands of Brazilian Reais, unless otherwise stated) |
Number of Options (in thousands) | Weighted average exercise price | |||||||
At December 31, 2021 | 25 | 93.26 | ||||||
Forfeit during the period | (10) | 186.92 | ||||||
Exercised during the period | (5) | 54.56 | ||||||
At June 30, 2022 | 10 | 25.19 | ||||||
At December 31, 2022 | 10 | 25.19 | ||||||
Granted during the period (i) | 340 | 3.41 | ||||||
Forfeit during the period (ii) | (31) | 66.00 | ||||||
Exercised during the period (iii) | (88) | 6.00 | ||||||
At June 30, 2023 | 231 | 4.90 |
Semantix, Inc. | |||||
Notes to Unaudited Interim Condensed Consolidated Financial Statements As of June 30, 2023 (In thousands of Brazilian Reais, unless otherwise stated) |
For the three-month periods ended June 30, | For the six-month periods ended June 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Third-party software | 26,867 | 28,888 | 50,470 | 52,246 | ||||||||||||||||||||||
Deductions on third-party software | (3,151) | (2,996) | (5,344) | (4,943) | ||||||||||||||||||||||
Revenue from Third-party software | 23,716 | 25,892 | 45,126 | 47,303 | ||||||||||||||||||||||
AI & data analytics services | 9,393 | 10,524 | 17,831 | 19,076 | ||||||||||||||||||||||
Deductions on AI & data analytics services | (631) | (690) | (1,194) | (1,250) | ||||||||||||||||||||||
Revenue from AI & data analytics services | 8,762 | 9,834 | 16,637 | 17,826 | ||||||||||||||||||||||
Proprietary software as a service (SaaS) | 16,356 | 11,108 | 27,500 | 21,839 | ||||||||||||||||||||||
Deductions on proprietary software as a service (SaaS) | (1,143) | (726) | (1,893) | (1,429) | ||||||||||||||||||||||
Revenue from proprietary software as a service (SaaS) | 15,213 | 10,382 | 25,607 | 20,410 | ||||||||||||||||||||||
Other revenue | 312 | — | 312 | 3 | ||||||||||||||||||||||
Other revenue | 312 | — | 312 | 3 | ||||||||||||||||||||||
Total revenue | 48,003 | 46,108 | 87,682 | 85,542 |
Six month periods ended June 30 | ||||||||||||||
2023 | 2022 | |||||||||||||
Current contract assets relating to third-party software (Note 5) | 94,256 | 12,835 | ||||||||||||
Total contract assets | 94,256 | 12,835 | ||||||||||||
Contract liabilities relating to SaaS (Note 9) | 1,523 | 1,317 | ||||||||||||
Total contract liabilities | 1,523 | 1,317 |
For the three-month periods ended June 30, | For the six-month periods ended June 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Brazil | 45,307 | 41,898 | 79,770 | 73,859 | ||||||||||||||||||||||
Latin America (other than Brazil) | 2,444 | 4,187 | 7,539 | 11,660 | ||||||||||||||||||||||
United States of America | 252 | 23 | 373 | 23 | ||||||||||||||||||||||
Total | 48,003 | 46,108 | 87,682 | 85,542 |
Semantix, Inc. | |||||
Notes to Unaudited Interim Condensed Consolidated Financial Statements As of June 30, 2023 (In thousands of Brazilian Reais, unless otherwise stated) |
For the three-month periods ended June 30, | For the six-month periods ended June 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Personnel | 29,603 | 35,157 | 66,182 | 66,414 | ||||||||||||||||||||||
IT and hosting expenses | 5,700 | 1,798 | 12,240 | 4,661 | ||||||||||||||||||||||
Transaction Expense (iii) | — | 9,645 | — | 31,408 | ||||||||||||||||||||||
Outsourced services | 7,074 | 4,046 | 11,806 | 8,351 | ||||||||||||||||||||||
Traveling | 1,071 | 598 | 4,536 | 981 | ||||||||||||||||||||||
Depreciation and amortization | 8,195 | 3,760 | 16,165 | 7,471 | ||||||||||||||||||||||
Facilities | 5,816 | 136 | 11,032 | 1,864 | ||||||||||||||||||||||
Expected credit losses | 6,406 | 151 | 7,461 | 484 | ||||||||||||||||||||||
Accounts receivable write-off | (11) | (66) | 227 | 289 | ||||||||||||||||||||||
Cost of third party licenses sold | 19,707 | 22,210 | 36,571 | 41,703 | ||||||||||||||||||||||
Tax expenses | 1,306 | 435 | 2,182 | 1,162 | ||||||||||||||||||||||
Onerous contract reversion (i) | — | 697 | — | (477) | ||||||||||||||||||||||
Write-off of creditor invoice (ii) | — | (1) | — | (4,301) | ||||||||||||||||||||||
Other | 2,168 | 1,096 | 4,578 | 2,676 | ||||||||||||||||||||||
Total | 87,035 | 79,662 | 172,980 | 162,686 | ||||||||||||||||||||||
(-) Cost of services provided | 5,639 | 8,072 | 11,580 | 15,305 | ||||||||||||||||||||||
(-) Cost of sales of goods | 19,707 | 22,995 | 36,571 | 42,488 | ||||||||||||||||||||||
(-) Sales and marketing expenses | 12,952 | 15,578 | 27,204 | 24,830 | ||||||||||||||||||||||
(-) General and administrative expenses | 40,111 | 19,730 | 76,303 | 59,498 | ||||||||||||||||||||||
(-) Research and development | 8,626 | 13,287 | 21,322 | 20,565 | ||||||||||||||||||||||
Total | 87,035 | 79,662 | 172,980 | 162,686 |
Semantix, Inc. | |||||
Notes to Unaudited Interim Condensed Consolidated Financial Statements As of June 30, 2023 (In thousands of Brazilian Reais, unless otherwise stated) |
For the three-month periods ended June 30, | For the six-month periods ended June 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Interest income from financial assets | 6,163 | 1,912 | 14,918 | 3,243 | ||||||||||||||||||||||
Foreign exchange gains | 3,298 | 423 | 4,904 | 3,387 | ||||||||||||||||||||||
Other financial income | 26 | — | 28 | — | ||||||||||||||||||||||
Total financial income | 9,487 | 2,335 | 19,850 | 6,630 | ||||||||||||||||||||||
Foreign exchange losses | (3,710) | (964) | (5,105) | (1,103) | ||||||||||||||||||||||
Income (Losses) from fair value of derivative financial instruments | 3,574 | (1,586) | (5,164) | (1,586) | ||||||||||||||||||||||
Interest on loans | (1,396) | (9,575) | (4,099) | (14,832) | ||||||||||||||||||||||
Interest on leases | (51) | (72) | (113) | (148) | ||||||||||||||||||||||
Currency adjustment | (316) | (391) | (628) | (542) | ||||||||||||||||||||||
Tax and contributions on financial expenses | (1,088) | (255) | (1,803) | (407) | ||||||||||||||||||||||
Other financial expenses | (717) | 128 | (1,252) | (590) | ||||||||||||||||||||||
Total financial expenses | (3,704) | (12,715) | (18,164) | (19,208) | ||||||||||||||||||||||
Financial result, net | 5,783 | (10,380) | 1,686 | (12,578) |
Semantix, Inc. | |||||
Notes to Unaudited Interim Condensed Consolidated Financial Statements As of June 30, 2023 (In thousands of Brazilian Reais, unless otherwise stated) |
June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||
Measured at amortized cost | Measured at amortized cost | |||||||||||||||||||||||||||||||||||||
Financial Assets | Receivables and other | Financial Liabilities | Financial Assets | Receivables and other | Financial Liabilities | |||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||
Financial investments | 151,223 | — | — | 338,020 | — | — | ||||||||||||||||||||||||||||||||
Trade receivables, contract assets and other, net | — | 54,661 | — | — | 43,675 | — | ||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||
Suppliers | — | — | 44,131 | — | — | 74,621 | ||||||||||||||||||||||||||||||||
Deferred consideration, contingent liabilities and others | — | — | 45,559 | — | — | 63,915 | ||||||||||||||||||||||||||||||||
Lease liabilities | — | — | 1,906 | — | — | 2,433 | ||||||||||||||||||||||||||||||||
Loans and borrowings | — | — | 60,789 | — | — | 78,671 | ||||||||||||||||||||||||||||||||
Total | 151,223 | 54,661 | 152,385 | 338,020 | 43,675 | 219,640 |
Semantix, Inc. | |||||
Notes to Unaudited Interim Condensed Consolidated Financial Statements As of June 30, 2023 (In thousands of Brazilian Reais, unless otherwise stated) |
Fair value as of June 30, 2023 | ||||||||||||||||||||
Financial Liabilities | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Derivative warrants liabilities | 7,115 | — | — | |||||||||||||||||
Contingent consideration from acquisition | — | — | 5,596 | |||||||||||||||||
Derivatives instruments | — | 5,427 | — | |||||||||||||||||
Fair values as of December 31, 2022 | ||||||||||||||||||||
Financial Liabilities | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Derivative warrants liabilities | 2,886 | — | — | |||||||||||||||||
Contingent consideration from acquisition | — | — | 3,248 | |||||||||||||||||
Derivatives instruments | — | 3,526 | — |
Semantix, Inc. | |||||
Notes to Unaudited Interim Condensed Consolidated Financial Statements As of June 30, 2023 (In thousands of Brazilian Reais, unless otherwise stated) |
Semantix, Inc. | |||||
Notes to Unaudited Interim Condensed Consolidated Financial Statements As of June 30, 2023 (In thousands of Brazilian Reais, unless otherwise stated) |
For the three-month periods ended June 30, | For the six-month periods ended June 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Loss for the period | (35,731) | (42,363) | (83,355) | (86,187) | ||||||||||||||||||||||
Weighted average number of common outstanding shares¹ | 78,706 | 62,000 | 79,324 | 62,000 | ||||||||||||||||||||||
Basic and diluted losses per share (R$) | (0.45) | (0.68) | (1.05) | (1.39) |
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