PPSI Don't think I've ever seen "non-GAAP" operating income defined this way:
"Non–GAAP operating income* from continuing operations, which excludes corporate overhead expenses, research and development expenses and non-recurring professional fees, was $1.6 million, as compared to $0.1 million for the same quarter in 2023, a year-over-year improvement of approximately $1.5 million."
The non-recurring professional fees I can agree with backing out. They had some stock comp. But taking out all corporate overhead and r&d? That's giving non-GAAP a bad name.
Looking at their annual cash flow statement, you could add back the stock comp and the realized loss to the annual GAAP pretax loss, but that still shows them at a -3.0 pretax loss. If I had to guess, they were still losing money in Q4 on a realistic adjusted basis.
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