We offer a wide and growing range of manufacturing technologies, including additive manufacturing (often referred to as 3D printing), CNC machining, injection molding, sheet metal, urethane casting, and other manufacturing methods. We offer these manufacturing capabilities through our own micro-factories as well as a network of curated third-party suppliers.
Concurrently with the execution of the Merger Agreement, ENNV entered into subscription agreements (collectively, the "Subscription Agreements"), with certain third-party investors, including, among others, UPS, Palantir and the Sponsor (the "PIPE Investors"),
Interest expense, including amortization of debt issuance costs The increase in interest expense was primarily attributable to higher outstanding debt levels in 2022 compared to 2021. Refer to Note 5 for additional information related to indebtedness.
Six Months Ended June 30, 2022 Compared with the Six Months Ended June 30, 2021 The following table sets forth a summary of our consolidated results of operations, as well as the dollar and percentage change for the period:
Interest expense, including amortization of debt issuance costs The increase in interest expense was primarily attributable to higher outstanding debt levels in 2022 compared to 2021. Refer to Note 5 for additional information related to indebtedness.
We define "EBITDA" as net loss plus interest expense, income tax expense, depreciation and amortization expense.
To provide investors with additional information regarding our financial results, we are presenting EBITDA and Adjusted EBITDA, non-GAAP financial measures, in the table below along with a reconciliation to net loss, the most directly comparable measure calculated and presented in accordance with GAAP.
Adjusted EBITDA We consider Adjusted EBITDA to be an important measure because it helps illustrate underlying trends in our business and our historical operating performance on a more consistent basis.
In addition, Adjusted EBITDA has limitations as an analytical tool, including:
Adjusted EBITDA does not include the dilution that results from stock-based compensation or any cash outflows included in stock-based compensation, including from our purchases of shares of outstanding common stock;
Adjusted EBITDA does not reflect tax payments that may represent a reduction in cash available to us; and other companies may calculate Adjusted EBITDA differently, which reduces its usefulness as a comparative measure.
Restructuring costs are non-recurring expenses, primarily cash severance payments, associated with our cost optimization initiative that includes a workforce reduction of approximately 20% and other related expenses.
The following table provides a reconciliation of net loss, the most closely comparable GAAP financial measure, to EBITDA and Adjusted EBITDA:
maintain, expand and grow our business will depend on many factors, including our working capital needs and the evolution of our operating cash flows.
Purchase Agreement with Lincoln Park
Projected Revenue and Net Loss
2021, of $23 million and $41 million, respectively. Similarly, the prospective financial information included projected revenues and net loss for the year ended December 31, 2022, of $104 million and $64 million, respectively.
Indebtedness and Effect of Resales
As of June 30, 2022, we had $28.7 million in debt, net of discounts and issuance costs, outstanding.
Additionally, on February 4, 2022, as part of the closing of the Business Combination, the related party convertible notes that had a carrying value of $12.5 million as of December 31, 2021 were converted into Common Stock.
Net cash used by operating activities $ (60,197 ) $
Net increase (decrease) in cash flows $ 29,162 $
In 2021, we received proceeds of $11.0 million from the issuance of term loans and $7.6 million from the issuance of convertible notes and warrants to a related party that was partially offset by the repayment of outstanding indebtedness of $0.6 million.
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