TJJ Testing Reports Financial Results for Second Quarter 2023

LOVELAND, Colo.--(BUSINESS WIRE)--TJJ Testing, a leading provider of zero-emission powertrains and medium-duty and specialty commercial electric vehicles for fleets, today announced consolidated results for the second quarter ended June 30, 2023.

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TJJ Testing tests. See below for a table.

TJJ Testing , Inc. Consolidated Balance Sheets (in thousands, except share data)
	June 30, 2023			December 31, 2022
	(Unaudited)
Assets
Current assets
Cash and cash equivalents	$	12,620		$	56,011
Accounts receivable, net of allowance of $2,041 and $2,028 as of June 30, 2023 and December 31, 2022, respectively		8,660			9,899
Inventories		57,147			47,066
Prepaid expenses and other current assets		6,679			9,401
Total current assets		85,106			122,377
Property and equipment, net		12,971			11,519
Operating lease right-of-use asset, net		7,072			7,735
Other assets		2,010			1,928
Total assets	$	107,159		$	143,559
Liabilities and stockholders’ equity
Current liabilities
Accounts payable	$	10,255		$	7,961
Accrued expenses and other current liabilities		7,853			6,270
Warrant liability		10			60
Current debt, net of debt discount		53,290			—
Total current liabilities		73,230			15,940
Long-term debt, net of debt discount		2,982			62,103
Operating lease obligation, net of current portion		6,772			7,735
Derivative liability		2			78
Earnout liability		446			2,265
Other long-term liabilities		794			880
Total liabilities		84,226			89,001
Stockholders’ equity
Preferred stock, par value $0.0001, 1,000,000 shares authorized and no shares issued and outstanding as of June 30, 2023 and December 31, 2022		—			—
Common stock, par value $0.0001, 250,000,000 shares authorized as of June 30, 2023 and December 31, 2022; 6,144,553 and 4,492,157 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively		1			1
Additional paid-in capital		234,209			220,951
Accumulated deficit		(211,277	)		(166,394	)
Total stockholders’ equity		22,933			54,558
Total liabilities and stockholders’ equity	$	107,159		$	143,559