Tintri, Inc. (NASDAQ: TNTR), a leading provider of enterprise
cloud platforms, today reported its preliminary results for its
first quarter fiscal 2019 which ended on April 30, 2018, and
provided a liquidity and business update. These preliminary
financial results are based on current information and are subject
to revision upon finalization of the company's accounting and
financial reporting procedures and completion of the quarterly
review.
Preliminary First Quarter Fiscal 2019 Financial Results;
Liquidity and Business Update
- The company is currently in breach of
certain covenants under its credit facilities and likely does not
have sufficient liquidity to continue its operations beyond June
30, 2018.
- The company continues to evaluate its
strategic options, including a sale of the company.
- Q1 revenue is expected to be
approximately $22 million and GAAP net loss per share is expected
to be approximately ($1.14). These financial results are
preliminary and the company’s independent registered public
accounting firm has not completed its review of these preliminary
financial results.
As of April 30, 2018, and May 31, 2018, Tintri held aggregate
cash and cash equivalents of $30.9 million and $11.5 million,
respectively. Based on the company’s current cash projections, and
regardless of whether its lenders were to choose to accelerate the
repayment of the company’s indebtedness under its credit
facilities, the company likely does not have sufficient liquidity
to continue its operations beyond June 30, 2018. The company
continues to evaluate its strategic options, including a sale of
the company. Even if the company is able to secure a strategic
transaction, there is a significant possibility that the company
may file for bankruptcy protection, which could result in a
complete loss of shareholders’ investment.
As of April 30, 2018, the company had $15.4 million of principal
indebtedness outstanding under its line of credit with Silicon
Valley Bank, or SVB, and $50.0 million under its credit facility
with TriplePoint Capital, or TriplePoint. The company does not
currently have any borrowing capacity available under either credit
facility. Since May 31, 2018, the company has not been in
compliance with certain financial and other covenants under these
credit facilities, and SVB or TriplePoint may declare an event of
default at any time. If either lender were to declare an event of
default, the debt outstanding under the relevant facility would
become immediately due and payable. The company does not at
present, and may not in the future, have sufficient liquidity to
repay amounts outstanding under its debt facilities should they
become immediately due and payable. The company also has $25.0
million in principal amount of subordinated indebtedness
outstanding in addition to other liabilities.
The company’s financial condition exposes its business to a
number of risks. Existing and potential customers and suppliers
have expressed concerns regarding the company’s financial
condition, which may negatively impact the company’s ability to
sell and ship products and services. In addition, the company’s
financial condition may adversely affect its ability to continue to
attract and retain key personnel and other employees. Tintri
expects its bookings and revenues to be significantly impacted in
the second quarter by its liquidity constraints and overall
financial condition.
The closing bid price of the company’s common stock on the
Nasdaq Stock Market has been less than $1.00 per share since May
22, 2018. In accordance with Nasdaq rules, if the company’s closing
bid price is less than $1.00 per share for 30 consecutive business
days, then the company’s shares may eventually be delisted from and
cease to trade on the Nasdaq Stock Market. Following such a
delisting, Tintri’s common stock may trade only on the
over-the-counter market, or not at all.
Quarterly Report on Form 10-Q for Q1 2019
On June 15, 2018, Tintri filed a Notice of Late Filing with
regards to its Quarterly Report on Form 10-Q for its first quarter
of fiscal 2019 with the Securities and Exchange Commission (SEC).
The company’s evaluation of its strategic options has required a
considerable amount of time from the company’s management and other
personnel that would otherwise be dedicated to the preparation of
this Quarterly Report. The company has also experienced recent
losses of employees whose job functions related to the preparation
of the Quarterly Report. As a result of these and related factors,
the company requires additional time to complete the preparation
and review of the Quarterly Report and the financial statements
contained therein. The company anticipates filing this Quarterly
Report with the SEC in June 2018, although after the due date
prescribed by SEC rules.
First Quarter Fiscal 2019 Final Financial Results
The financial results for the fiscal quarter ended April 30,
2018, discussed herein are presented on a preliminary basis. Final
financial results for this period will be included in the company’s
Quarterly Report on Form 10-Q for the period ended April 30,
2018.
Second Quarter Financial Outlook and First Quarter Conference
Call
Tintri is not providing guidance for its second quarter of
fiscal 2019 and the company will not be holding a conference call
for its first quarter fiscal 2019 financial results.
Forward-Looking Statements
This press release contains forward-looking statements,
including but not limited to statements relating to the company’s
expected revenue and net loss per share for its first quarter
fiscal 2019; bookings and revenue for the second quarter of fiscal
2019; its future financial results and financial condition; the
filing by the company of periodic reports with the SEC, including
its Quarterly Report on Form 10-Q for the company’s first quarter
of fiscal 2019, and the timing thereof; the time period during
which the company can continue to operate the company’s business
with its existing cash resources; and the future listing and
trading price of the company’s common stock on the Nasdaq Stock
Market. These forward-looking statements are not historical facts,
and instead are based on the company’s current expectations,
estimates, opinions, and beliefs. Consequently, you should not rely
on these forward-looking statements. The accuracy of such
forward-looking statements depends upon future events, and involves
risks, uncertainties, and other factors beyond the company’s
control that may cause these statements to be inaccurate and cause
the company’s actual results, performance, or achievements to
differ materially and adversely from those anticipated or implied
by such statements, including, among others: the company’s ability
to execute on strategic transactions; whether the company’s lenders
elect to declare an event of default under its credit facilities;
the company’s ability to continue to satisfy the listing standards
of the Nasdaq Stock Market; accounting adjustments made by the
company as a result of the review by the company’s independent
registered public accounting firm of the company’s financial
information for its first quarter fiscal of 2019; the company’s
ability to comply with and/or modify terms of the company’s
outstanding debt; the company’s ability to attract and retain
employees; the rapid evolution of the markets in which the company
competes; factors that could result in the significant fluctuation
of the company’s future quarterly operating results, including,
among other things, the company’s revenue mix, the timing and
magnitude of orders, shipments, and acceptance of the company’s
solutions in any given quarter, the company’s ability to attract
new and retain existing end-customers and suppliers, changes in the
pricing of certain components of the company’s solutions, and
fluctuations in demand and competitive pricing pressures for the
company’s solutions; the company’s ability to reduce operating
expenses in future periods; the introduction or acceleration of
adoption of competing solutions; failure to develop, or unexpected
difficulties or delays in developing, new product features or
technology on a timely or cost-effective basis; and other risks and
uncertainties included under the captions “Risk Factors” and
“Management’s Discussion and Analysis of Financial Condition and
Results of Operations” in the company’s reports on file with the
U.S. Securities and Exchange Commission (“SEC”), which are
available on the company’s investor relations website at
https://ir.tintri.com and on the SEC
website at www.sec.gov , or that the
company may file with the SEC following the date of this press
release, including the company’s Annual Report on Form 10-K for the
year ended January 31, 2018. All statements provided in this
release speak only as of the date of this press release and, except
as required by law, the company assumes no obligation to update any
forward-looking statements to reflect actual results or subsequent
events or circumstances.
About Tintri
Tintri (NASDAQ: TNTR) offers an enterprise cloud infrastructure
built on a public-cloud like web services architecture and RESTful
APIs. Organizations use Tintri all-flash storage with scale-out and
automation as a foundation for their own clouds—to build agile
development environments for cloud native applications and to run
mission-critical enterprise applications. Tintri enables users to
guarantee the performance of their applications, automate common IT
tasks to reduce operating expenses, troubleshoot across their
infrastructure, and predict an organization's needs to scale—the
underpinnings of a modern data center. That's why leading cloud
service providers and enterprises, including Comcast, Chevron,
NASA, Toyota, United Healthcare and 20 percent of the Fortune 100,
trust Tintri with enterprise cloud. For more information, visit
www.tintri.com and follow us on
Twitter: @Tintri. Tintri has used, and intends to continue to use,
its Investor Relations website and the Twitter account of @Tintri
as means of disclosing material non-public information and for
complying with its disclosure obligations under Regulation FD.
© 2018 Tintri, Inc. All rights reserved. Tintri and the Tintri
logo are registered trademarks or trademarks of Tintri, Inc. in the
United States and other countries. Other brand names mentioned
herein are for identification purposes only and may be trademarks
of their respective holder(s).
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version on businesswire.com: https://www.businesswire.com/news/home/20180615005379/en/
Tintri, Inc.David Jew, 650-772-3838Investor
Relationsir@tintri.com
Tintri (CE) (USOTC:TNTRQ)
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