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Kurs & Likviditet
Beskrivning
| Land | USA |
|---|---|
| Lista | First North Stockholm |
| Sektor | Industri |
| Industri | Industriprodukter |
"There is no doubt that we have faced many challenges in 2022. We're not through the year yet and still have plans to reframe and deliver better output, but supply chain delays have impacted production - in terms of new product cut-in, ramping, and volume - which has prevented backlog execution, deliveries, and milestone payment collections. We have continued to develop and position the business, but the delays reached a point in Q3, where we were left with no choice on dropping revenue and margin guidance, lowering new orders expectations, and announcing the need to address near-term liquidity challenges, up to and including the possible sale of the business.
Our hypothesis that lighthouse customers will drive our growth remains unchanged. We know that these accounts will drive core growth, and a broader ripple effect on the regions and countries where these customers operate.
What has changed is that we will focus our investment, product development, and resource allocation on these customers and markets. We are not dropping the broader marketplace (which remains large and full of potential) but rather than chasing, we will wait for these markets to come to us. This allows us to be far more focused, with a lower cost structure, while positioned to react and respond as opportunities evolve.
Finally, we recently announced the issuance of Preferred Shares that will provide new capital up to $20 million with $5 million already funded and an additional $5 million to be funded by December 1, 2022. In addition, we also announced our plans to apply for delisting from the NASDAQ First North Growth Market.
Peter Wells
CEO of Smart Wires
- Company announced it's closed on $5 million in funding under a $20 million aggregate investment
- Company announced plans to apply for delisting of the Company's Swedish Depository Receipts, currently traded on the NASDAQ First North Growth Market
- Announcement that Company is exploring strategic alternatives including without limitation additional financing, a business combination, and a sale of the Company
- Initiation of a restructuring to further focus the business on core markets and improve its cost structure, including a reduction in force affecting 35% of employees
- Given continued supply chain challenges, revenue guidance was suspended
- Current order backlog at $67 million slated for Q4 2022 to Q2 2023 delivery
- Order guidance was lowered from $80 million to $100 million to $50 million to $60 million
- Q3 Revenue of $4.5 million, -23% vs. Q3 2021
- Q3 Net loss of $23.2 million, -50% vs. Q3 2021
- Q3 non-GAAP adjusted EBITDA loss of $20.8 million, -41% vs. Q3 2021
- Successful delivery of first project in Canada
- Completion of large-scale VNI upgrade project with Transgrid in Australia
The full Smart Wires Technology Ltd Q3 2022 Interim Report is attached to this release, and can be found at: https://www.smartwires.com/investors/financial-reports-presentations/.
Important notice about forward-looking information
This interim report contains certain forward-looking information and statements that reflect the Company's current views on future events as well as financial and operational developments. Words such as "refer", "assess", "expect", "can", "plan", "estimate", "calculate", "could" and other expressions that indicate indications or assessments regarding future developments or trends, and which does not relate to historical facts, constitutes forward-looking information. Forward-looking information is inherently associated with both known and unknown risks and uncertainties because it is dependent on future events and circumstances. Forward-looking information does not constitute a guarantee regarding future results or development and the actual outcome may differ materially from what is stated in forward-looking information. Neither the Company nor anyone else make any representations about publishing updates or revisions of forward-looking information as a result of new information, future events or similar circumstances other than as provided by applicable mandatory rules and regulations.