8-K
filed March 15, 2023, 7:59 PM ET
CIK 0001136174
other material
confidence high
sentiment negative
materiality 0.85
Ontrak, Inc.: Nasdaq/NYSE listing notice — Ontrak Q4 rev $2.5M (-76%); net loss $(9.1)M; 19% layoffs; Nasdaq listing transfer
Ontrak, Inc.
- Q4 2022 revenue $2.5M, down 76% YoY from $10.4M; net loss $(9.1)M or $(0.42) diluted EPS.
- Adjusted EBITDA loss $(6.1)M; non-GAAP net loss $(7.6)M or $(0.36) per share.
- Reduced workforce by 19%, saving ~$2.7M annual compensation; one-time severance $0.3M.
- Nasdaq listing transferred to Capital Market; extended to Sept 11, 2023 to regain $1 bid price.
Key facts
Extracted from this filing and checked against the source text.
Earnings Releases
SEC 8-K Item 2.02
confidence 0.9
Ontrak, Inc. reported the fourth quarter and year ended December 31, 2022 results: revenue $2.5 million, net income $(9.1) million, EPS $(0.42) diluted net loss per common share.
- Period
- the fourth quarter and year ended December 31, 2022
- Revenue
- $2.5 million
- Net income
- $(9.1) million
- EPS
- $(0.42) diluted net loss per common share
- Result
- reported results
Exact text from the filing
Revenue for the fourth quarter of 2022 was $2.5 million, representing a 76% decrease compared to the same period in 2021.
View on SEC.gov
Earnings Releases
SEC 8-K Item 2.02
confidence 0.9
Ontrak, Inc. reported the year ended December 31, 2022 results: revenue $14.5 million.
- Period
- the year ended December 31, 2022
- Revenue
- $14.5 million
- Result
- reported results
Exact text from the filing
Q4 Revenue of $2.5 million and Full Year Revenue of $14.5 million
View on SEC.gov
Listing & Compliance Notices
SEC 8-K Item 3.01
confidence 0.9
Ontrak, Inc. received a nasdaq noncompliance notice notice regarding minimum bid price (rules 5450(a)(1), 5810(c)(3)(A)).
- Exchange
- nasdaq
- Notice
- noncompliance notice
- Deficiency
- minimum bid price
- Rules
- 5450(a)(1), 5810(c)(3)(A)
Exact text from the filing
March 14, 2023, the Company received notice from Nasdaq that the Company’s application was approved and that the Company is eligible for an additional 180-calendar day period, or until September 11, 2023, to regain compliance with the Minimum Bid Price Requirement. Both the Company’s common stock and 9.50% Series A Cumulative Perpetual Preferred Stock will be transferred to The Nasdaq Capital Market at the opening of business on March 16, 2023. If at any time during the 180-calendar day period, the closing bid price of the Company’s common stock is at least $1.00 per share for a minimum of 10
View on SEC.gov
Restructurings & Charges
SEC 8-K Item 2.05/2.06
confidence 0.9
Ontrak, Inc. announced a restructuring with charges of approximately $0.3 million (approximately 19% of the Company’s employee positions were eliminated).
- Type
- restructuring
- Charge
- approximately $0.3 million
- Headcount
- approximately 19% of the Company’s employee positions were eliminated
Exact text from the filing
on March 9, 2023, the Company implemented additional headcount reductions wherein approximately 19% of the Company’s employee positions were eliminated. These headcount reductions are expected to result in a reduction of approximately $2.7 million of the Company’s annual compensation costs. The Company estimates one-time costs of approximately $0.3 million of termination benefits to the impacted employees, including severance payments and benefits. The headcount reductions were completed by March 10, 2023.
View on SEC.gov
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