Outlook for Fiscal 2023
We are maintaining our revenue outlook for fiscal 2023 of $271 million to $275 million implying year-over-year growth of 27% to 29%.
We are raising our Adjusted EBITDA outlook for fiscal year 2023 to negative $126 million to negative $122 million from a previous range of negative $154 million to negative $149 million. This change reflects improvements in overall productivity and efficiency across our organization.
We maintain expectations that our Adjusted EBITDA outlook in fiscal year 2023 will be the low annual mark for fiscal years 2023 to 2025 and now expect to reach profitability1 in fiscal year 2025.
We have not reconciled the Adjusted EBITDA outlook to GAAP Net income (loss) because we do not provide an outlook for GAAP Net income (loss) due to the uncertainty and potential variability of Other (income) expense, net and (Benefit from) provision for income taxes, which are reconciling items between Adjusted EBITDA and GAAP Net income (loss). Because we cannot reasonably predict such items, a reconciliation of the non-GAAP financial measure outlook to the corresponding GAAP measure is not available without unreasonable effort. We caution, however, that such items could have a significant impact on the calculation of GAAP Net income (loss). For further information regarding the non-GAAP financial measures included in this press release, please see “Non-GAAP financial measures” below.
1For the purposes of this statement, we define “profitability” in terms of Adjusted EBITDA.
Fiscal 2025 Target
We are maintaining our annualized revenue target of $500 million to be achieved during a quarter of fiscal year 2025.2
We believe our platform and diverse revenue streams offer us multiple paths for achieving our target.
A reconciliation of GAAP to non-GAAP financial measures is provided at the end of this press release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures.”
2 For our target revenue, annualized is defined as multiplying the highest-revenue quarter in fiscal year 2025 by four.
