Maven Wireless publish Year-End Report for 2024. The year-end report is available as an attached document and at www.mavenwireless.com
Order intake increases by 149% to SEK 76 million in the fourth quarter
Fourth quarter 1 October - 31 December 2024
•Net sales amounted to SEK 45.862 M (77. 788)
•EBITDA SEK 1.327 M (16.025)
•Operating profit SEK -692 M (13.788)
•Order intake SEK 76.179 M (30.610)
•Cash flow from current operations SEK 12.527 M (39.321)
•Earnings per share after dilution SEK -0.02 (0.31)
•Equity per share SEK 2.21 (2.29)
The period 1 January - 31 December 2024
•Net sales amounted to SEK 188.790 M (237.640)
•EBITDA SEK 11.651 M (43.957)
•Operating profit SEK 3.863 M (37.101)
•Order intake SEK 118.214 M (124.535)
•Cash flow from current operations SEK -9.816 M (48.558)
•Earnings per share after dilution SEK 0.00 (0.75)
•Equity per share SEK 2.21 (2.29)
•The Board of Directors proposes to the Annual General Meeting that no dividend be distributed to the shareholders
CEO's statement
The Group continues to expand with increased business volume during the period. We see a clear increase in activity in the market as an effect of better interest rates and economic activity, which has been reflected in a gradually growing order intake since the summer. Order intake during the period increased by 149% compared to the previous year and amounted to SEK 76 million.
Net sales for the period amounted to SEK 46 million, which was impacted by lower order intake during quarter two and three. Production in the fourth quarter continues to show good control over costs in the production flow, with a gross profit margin of 42%.
Our newest contract manufacturer has continued to optimize the production flow, which has resulted in further improvements in delivery times during the period, while additional staff are being added to our production line to meet the increased order intake.
EBITDA was SEK 1.3 million during the period, while EBIT amounted to SEK -0.7 million. The result is affected by the lower sales, but also by continued investments in market expansion, particularly in North America and Australia, where the deals have not yet had full impact, as well as by investments in the launch of Nimbus.
For the full year 2024, the consolidated operating profit before tax amounted to SEK 3.9 million.
Cash flow from operating activities amounted to SEK 13 million during the period, which is due to reduced tied-up working capital.
During the period, the first delivery was made to Azerbaijan, where our staff also assisted with the commissioning of cover systems in, among other places, the Flame Towers in Baku.
The launch of the Nimbus platform for 5G indoor coverage is progressing and has continued to receive positive reception from potential customers. Tests have been initiated with selected customers, and we can conclude that our product offers the market's highest data rates and a complete solution that supports all operators' frequencies in both 4G and 5G in one and the same Nimbus unit. Sales of this platform are expected to start with small volumes in the spring and gradually increase over the coming years.
After the end of the period, we have signed a three-year extension of the agreement with Telenor, effective from 1 January 2025. During the new contract period, we plan to sell both existing products and introduce new 5G products, including Nimbus, to Telenor. In 2024, deliveries to Telenor were lower than expected, which is due to Telenor being forced to prioritize the exchange of Chinese technology in its networks. This requirement, which comes from the EU, affects all European operators and the exchange was completed in December 2024.
After the end of the period, we have won an order for hospital coverage worth approximately SEK 15 million. Our unique products will be used, enabling the distribution of both blue light radio and mobile telephony in the same system - a crucial functionality for these customers. The system, which will be installed at a hospital in Sweden, will support all operators' frequencies as well as both the current RAKEL system and the future 4G-based blue light radio system SWEN (previously named RAKEL G2). We have already delivered this unique product to several customers in the Middle East, and we see potential for further expansion in other countries that have recently introduced similar systems with the same frequencies and technologies.
In summary, I note that the Group is continuing its global expansion with increasing order intake. We look forward to continued growth and to further establish our products in new markets.
Fredrik Ekström - group CEO
Kista, February 7, 2025
For more information, please contact:
Fredrik Ekström, CEO
+46-8-760 43 00
www.mavenwireless.com
About Maven Wireless
Maven Wireless provides groundbreaking solutions in wireless coverage all over the world.
We offer end-to-end digital solutions with outstanding performance. Our products contribute to public safety by ensuring wireless coverage for critical services, and are used in tunnels, on trains, metros, stadiums, buildings and more. We are passionate about making society and our customers' and end users lives better, easier and safer by securing 100% wireless coverage. Maven Wireless is listed on Nasdaq First North Growth Market with the shortname MAVEN. FNCA Sweden AB is appointed as Certified Adviser.
For additional information, please visit: www.mavenwireless.com
This information is information that Maven Wireless Sweden is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2025-02-07 08:00 CET.
