Company: BLLN
Filing Date: 2025-12-10
Form Type: 10-Q
Source: 0001628280-25-056321
Chunk: 232

Company: BillionToOne, Inc.
Filing Date: 2025-12-10
Form: 10-Q
Item: Part I, Item 1
Chunk 232
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 income, interest expense, depreciation and amortization expense, and certain other items which include significant non-cash items events that are highly variable, significant in size, and that we do not believe are indicative of ongoing or future business operations, which include: stock-based compensation expense; net gain on extinguishment of debt; change in fair value of term loan; and change in value of convertible notes. A reconciliation of net income (loss), the most directly comparable GAAP financial measure, to Adjusted EBITDA is presented below (in thousands):

Three Months EndedSeptember 30,Nine Months EndedSeptember 30,2025202420252024Net income (loss)$5,711 $(14,904)$1,477 $(30,093)Income tax (benefit) / expense(129)- (15)5 Interest (income)(1,535)(1,952)(4,492)(4,148)Interest expense20 422 92 2,339 Depreciation and amortization1,692 1,809 5,232 5,241 Stock-based compensation expense4,475 2,150 9,581 6,055 Net (gain) loss on extinguishment of debt- 1,346 - (7,289)Decrease in fair value of term loan3,936 2,283 7,038 2,283 Decrease in fair value of convertible notes- - - 835 Adjusted EBITDA$14,170 $(8,846)$18,913 $(24,772)

Non-GAAP income (loss) from operations

We define non-GAAP operating income (loss) as operating income (loss) presented in accordance with GAAP, adjusted to exclude stock-based compensation expenses.

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A reconciliation of income (loss) from operations, the most directly comparable GAAP financial measure, to non-GAAP income (loss) from operations is presented below (in thousands):

Three Months EndedSeptember 30,Nine Months EndedSeptember 30,2025202420252024Income (loss) from operations$9,633 $(12,634)$5,691 $(35,454)Stock-based compensation expense4,475 2,150 9,581 6,055 Non-GAAP income (loss) from operations$14,108 $(10,484)$15,272 $(29,399)

Non-GAAP