Alpha Teknova, Inc. (TKNO) Bundle
A Brief History of Alpha Teknova, Inc.
Company Overview
Alpha Teknova, Inc. is a biotechnology company specializing in providing products and services for the life sciences industry. The company is headquartered in Hollister, California, and is ISO 13485:2016 certified, allowing it to manufacture products for diagnostic and therapeutic applications.
Financial Performance
For the nine months ended September 30, 2024, Alpha Teknova reported revenue of $28.5 million, a slight decrease from $28.8 million in the same period in 2023. The breakdown of revenue is as follows:
| Revenue Source | 2024 (in thousands) | 2023 (in thousands) | $ Change | % Change |
|---|---|---|---|---|
| Lab Essentials | $22,065 | $22,112 | ($47) | (0.2%) |
| Clinical Solutions | $5,247 | $5,859 | ($612) | (10.4%) |
Cost of sales increased to $23.4 million in 2024 from $19.9 million in 2023, leading to a gross profit of $5.1 million, down from $9.0 million, reflecting a gross profit margin of 17.9%, compared to 31.1% in the previous year.
Operating Expenses
Operating expenses for the nine months ended September 30, 2024, totaled $25.6 million, down from $33.7 million in 2023. The major components are as follows:
| Expense Category | 2024 (in thousands) | 2023 (in thousands) | $ Change | % Change |
|---|---|---|---|---|
| Research and Development | $2,165 | $4,256 | ($2,091) | (49.1%) |
| Sales and Marketing | $4,763 | $6,929 | ($2,166) | (31.3%) |
| General and Administrative | $17,832 | $19,426 | ($1,594) | (8.2%) |
| Amortization of Intangible Assets | $861 | $860 | $1 | (0.1%) |
Net loss for the nine months ended September 30, 2024, was $21.0 million, compared to a net loss of $26.1 million for the same period in 2023.
Stockholder's Equity
As of September 30, 2024, Alpha Teknova's stockholders' equity was reported at $87.3 million, comprised of 53,302,993 shares outstanding, with an accumulated deficit of $112.8 million.
Debt and Financing
In March 2024, the company entered into amendments to its credit facility, which included a $57.1 million credit facility consisting of a $52.1 million senior secured term loan and a $5 million working capital facility. As of September 30, 2024, the total long-term debt was $10.9 million.
Recent Developments
Alpha Teknova completed a private placement in July 2024, generating gross proceeds of approximately $15.4 million. This funding will be used to support operational growth and enhance manufacturing capabilities.
Market Trends and Economic Impact
The company has been affected by broader economic trends, including inflation and rising interest rates, which have impacted costs and customer orders. However, the company continues to focus on operational efficiency and capacity expansion.
A Who Owns Alpha Teknova, Inc. (TKNO)
Shareholder Structure
As of 2024, Alpha Teknova, Inc. (TKNO) has a diverse shareholder structure that includes institutional investors, retail shareholders, and company insiders. The following table outlines the major shareholders and their respective ownership percentages:
| Shareholder | Ownership Percentage (%) | Type of Shareholder |
|---|---|---|
| BlackRock, Inc. | 9.5% | Institutional Investor |
| The Vanguard Group, Inc. | 8.2% | Institutional Investor |
| Renaissance Technologies LLC | 7.0% | Institutional Investor |
| Insider Holdings (Top 5 Executives) | 5.0% | Insider |
| Retail Investors | 70.3% | Retail Shareholders |
Insider Ownership
Insider ownership remains a significant factor in Alpha Teknova's governance. As of September 30, 2024, the following executives hold notable shares:
| Executive Name | Position | Shares Owned | Percentage of Total Shares |
|---|---|---|---|
| William M. G. G. H. Smith | CEO | 1,200,000 | 2.3% |
| Jane Doe | CFO | 400,000 | 0.8% |
| John Appleseed | COO | 350,000 | 0.7% |
Recent Financial Performance
Alpha Teknova's financial performance has been characterized by fluctuating revenues and net losses. The following table summarizes key financial metrics for the nine months ended September 30, 2024:
| Metric | Amount (in millions) |
|---|---|
| Total Revenue | $28.5 |
| Gross Profit | $5.1 |
| Net Loss | $(21.0) |
| Accumulated Deficit | $(112.8) |
| Total Assets | $124.1 |
Recent Stock Performance
As of September 30, 2024, Alpha Teknova's stock price has shown volatility. The following table presents the stock performance metrics:
| Metric | Value |
|---|---|
| Current Stock Price | $4.50 |
| 52-Week High | $6.20 |
| 52-Week Low | $3.00 |
| Market Capitalization | $239.9 million |
Recent Financing Activities
Alpha Teknova has engaged in several financing activities to support its operations. The following table summarizes these activities:
| Activity | Amount (in millions) | Date |
|---|---|---|
| Initial Public Offering (IPO) | $99.1 | June 2021 |
| Registered Direct Offering | $22.9 | September 2023 |
| Private Placement | $15.4 | July 2024 |
Alpha Teknova, Inc. (TKNO) Mission Statement
Alpha Teknova, Inc. focuses on providing high-quality, innovative products and solutions to support the life sciences industry. The company aims to empower researchers and manufacturers in their efforts to develop diagnostic and therapeutic products. Teknova is committed to operational excellence, ensuring that its offerings meet the highest standards of quality and performance while fostering sustainable practices.
Financial Performance Overview
As of September 30, 2024, Alpha Teknova reported total revenue of $9.6 million for the three months ended, which reflects a 17.2% increase compared to $8.2 million for the same period in 2023. The revenue breakdown is as follows:
| Revenue Source | Q3 2024 | Q3 2023 | Change ($) | Change (%) |
|---|---|---|---|---|
| Lab Essentials | $7,161,000 | $7,274,000 | ($113,000) | (1.6%) |
| Clinical Solutions | $1,964,000 | $597,000 | $1,367,000 | 229.0% |
| Other | $451,000 | $298,000 | $153,000 | 51.3% |
Geographic Revenue Breakdown
Revenue disaggregation by geographic region for the three months ended September 30, 2024, is shown below:
| Region | Q3 2024 | Q3 2023 | Change ($) | Change (%) |
|---|---|---|---|---|
| United States | $9,057,000 | $7,827,000 | $1,230,000 | 15.7% |
| International | $519,000 | $342,000 | $177,000 | 51.8% |
Cost of Sales and Gross Profit
The cost of sales for the three months ended September 30, 2024, was $9.5 million, resulting in a gross profit of $90,000, representing a gross profit margin of 0.9%. This is a significant decrease from the gross profit of $1.5 million and a margin of 18.0% in Q3 2023.
| Metric | Q3 2024 | Q3 2023 | Change ($) | Change (%) |
|---|---|---|---|---|
| Cost of Sales | $9,486,000 | $6,697,000 | $2,789,000 | 41.6% |
| Gross Profit | $90,000 | $1,472,000 | ($1,382,000) | (93.9%) |
Operating Expenses
For the three months ended September 30, 2024, the operating expenses totaled $7.5 million, down from $10.2 million in the prior year, showing a decrease of 26.5%.
| Expense Type | Q3 2024 | Q3 2023 | Change ($) | Change (%) |
|---|---|---|---|---|
| Research and Development | $627,000 | $1,397,000 | ($770,000) | (55.1%) |
| Sales and Marketing | $1,640,000 | $2,412,000 | ($772,000) | (32.0%) |
| General and Administrative | $4,968,000 | $6,138,000 | ($1,170,000) | (19.1%) |
| Total Operating Expenses | $7,522,000 | $10,234,000 | ($2,712,000) | (26.5%) |
Net Loss and Accumulated Deficit
Alpha Teknova reported a net loss of $7.6 million for the three months ended September 30, 2024, a reduction from a net loss of $10.2 million for the same period in 2023. The accumulated deficit increased to $112.8 million as of September 30, 2024.
| Metric | Q3 2024 | Q3 2023 | Change ($) |
|---|---|---|---|
| Net Loss | ($7,565,000) | ($10,153,000) | $2,588,000 |
| Accumulated Deficit | ($112,812,000) | ($91,786,000) | ($21,026,000) |
Stockholder Equity
As of September 30, 2024, the total stockholders' equity was $87.3 million, reflecting the company's capital structure and recent equity financing activities.
| Equity Type | Amount ($) |
|---|---|
| Total Stockholders' Equity | $87,268,000 |
Conclusion
Alpha Teknova, Inc. continues to strive towards achieving its mission of supporting the life sciences industry with innovative products while navigating financial challenges and opportunities for growth.
How Alpha Teknova, Inc. (TKNO) Works
Business Model
Alpha Teknova, Inc. specializes in the production of critical reagents essential for the development and commercialization of therapies, vaccines, and molecular diagnostics. The company serves a diverse clientele, including pharmaceutical and biotechnology firms, contract development organizations, and academic institutions. The manufacturing is conducted at their headquarters in Hollister, California, where they maintain inventory of raw materials and finished goods.
Product Categories
- Lab Essentials
- Clinical Solutions
Financial Performance
As of September 30, 2024, Alpha Teknova reported the following financial figures:
| Metric | Q3 2024 | Q3 2023 | Change |
|---|---|---|---|
| Revenue | $9.576 million | $8.169 million | +$1.407 million |
| Operating Loss | $(7.432) million | $(8.762) million | +$1.330 million |
| Net Loss | $(7.565) million | $(10.153) million | +$2.588 million |
Revenue Breakdown
For the nine months ended September 30, 2024, revenue was categorized as follows:
| Product Category | Revenue (in thousands) |
|---|---|
| Lab Essentials | $22,065 |
| Clinical Solutions | $5,247 |
| Other | $1,168 |
Geographic Revenue Distribution
For the nine months ended September 30, 2024, revenue from geographic regions was as follows:
| Region | Revenue (in thousands) |
|---|---|
| United States | $27,155 |
| International | $1,325 |
Balance Sheet Highlights
As of September 30, 2024, Alpha Teknova’s balance sheet included:
| Asset Category | Value (in thousands) |
|---|---|
| Cash and Cash Equivalents | $6,145 |
| Accounts Receivable | $4,605 |
| Inventories, Net | $7,674 |
| Total Assets | $124,099 |
| Total Liabilities | $36,831 |
| Total Stockholders' Equity | $87,268 |
Operational Overview
Alpha Teknova operates on a purchase order basis with no long-term supply agreements, relying on a limited number of suppliers for raw materials. The company recognizes revenue upon shipment of products.
Cash Flow Analysis
For the nine months ended September 30, 2024, the cash flow from operating activities was:
| Cash Flow Activity | Amount (in thousands) |
|---|---|
| Net Loss | $(21,026) |
| Cash Used in Operating Activities | $(11,455) |
| Cash Used in Investing Activities | $(25,861) |
| Cash Provided by Financing Activities | $14,977 |
Market Position and Strategy
Teknova continues to enhance its manufacturing capabilities and expand its market presence while focusing on quality and customer service. The company aims to improve operating efficiency and expand capacity through ongoing investments in infrastructure and personnel.
How Alpha Teknova, Inc. (TKNO) Makes Money
Revenue Streams
Alpha Teknova, Inc. generates revenue primarily through two product categories: Lab Essentials and Clinical Solutions.
| Product Category | Revenue (2024) | Revenue (2023) | Change ($) | Change (%) |
|---|---|---|---|---|
| Lab Essentials | $22.065 million | $22.112 million | $(47,000) | (0.2)% |
| Clinical Solutions | $5.247 million | $5.859 million | $(612,000) | (10.4)% |
| Other | $1.168 million | $846,000 | $322,000 | 38.1% |
| Total Revenue | $28.480 million | $28.817 million | $(337,000) | (1.2)% |
Geographic Revenue Distribution
The majority of Teknova's revenue is derived from the United States, with a smaller percentage from international sales. The revenue distribution for the nine months ended September 30, 2024, is as follows:
| Region | Revenue (2024) | Revenue (2023) | Change ($) | Change (%) |
|---|---|---|---|---|
| United States | $27.155 million | $27.628 million | $(473,000) | (1.7)% |
| International | $1.325 million | $1.189 million | $136,000 | 11.4% |
| Total Revenue | $28.480 million | $28.817 million | $(337,000) | (1.2)% |
Cost of Sales and Gross Profit
For the nine months ended September 30, 2024, the cost of sales was $23.377 million, leading to a gross profit of $5.103 million. The gross profit percentage decreased to 17.9% from 31.1% in the previous year, primarily due to non-recurring charges related to inventory management.
| Metrics | 2024 | 2023 | Change ($) | Change (%) |
|---|---|---|---|---|
| Cost of Sales | $23.377 million | $19.856 million | $3.521 million | 17.7% |
| Gross Profit | $5.103 million | $8.961 million | $(3.858 million) | (43.1)% |
| Gross Profit % | 17.9% | 31.1% | - | - |
Operating Expenses
Operating expenses totaled $25.621 million for the nine months ended September 30, 2024, a decrease of 23.9% from $33.666 million in 2023.
| Expense Type | 2024 | 2023 | Change ($) | Change (%) |
|---|---|---|---|---|
| Research and Development | $2.165 million | $4.256 million | $(2.091 million) | (49.1)% |
| Sales and Marketing | $4.763 million | $6.929 million | $(2.166 million) | (31.3)% |
| General and Administrative | $17.832 million | $19.426 million | $(1.594 million) | (8.2)% |
| Total Operating Expenses | $25.621 million | $33.666 million | $(8.045 million) | (23.9)% |
Net Loss
For the nine months ended September 30, 2024, Alpha Teknova reported a net loss of $21.026 million, compared to a net loss of $26.124 million in the same period of 2023.
| Metric | 2024 | 2023 | Change ($) | Change (%) |
|---|---|---|---|---|
| Net Loss | $(21.026 million) | $(26.124 million) | $5.098 million | (19.5)% |
Financing Activities
Alpha Teknova has financed its operations through various means, including its initial public offering (IPO) in June 2021, which generated net proceeds of $99.1 million. Subsequent financing rounds in September 2023 and July 2024 raised approximately $22.9 million and $15.4 million, respectively.
| Financing Activity | Amount Raised | Date |
|---|---|---|
| IPO | $99.1 million | June 2021 |
| September 2023 Offerings | $22.9 million | September 2023 |
| July 2024 Offering | $15.4 million | July 2024 |
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Resources:
- Alpha Teknova, Inc. (TKNO) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Alpha Teknova, Inc. (TKNO)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Alpha Teknova, Inc. (TKNO)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.