• Qualified pipeline increased to $5B, new opportunities identified in existing markets
• Revenue of $5.9M, +68%
• Gross margin of 12%, +83 ppt improvement
• EBITDA loss of $15.1M, $1.9M incremental loss driven by business investments
• Fully diluted loss per share of $0.14, +54% improvement
• 2021 full year revenue guidance of $38M - $42M
• Backlog of $72M to be delivered Q4 2021 - Q4 2022
• Orders between $36M to $42M received for projects in Colombia and the UK
• Five patents issued, total of 59 patents granted for high value inventions 
• Completed delivery and commissioning of SmartValve™ projects across nine customer sites as of Q3 2021 

CEO Comments

After a few weeks of travel and customer meetings in Q3, it is clear me that grid operators, regulators, and consumers alike, are focused on three core needs: transmission corridors; a flexible, controllable system; and market designs. This grid transformation must be under-pinned with reliable, high functionality technology that has competitive lifetime costs, enables change, and future-proofs the grid. Together this will deliver a flexible system operating holistically to drive the global energy transition.

To successfully deliver our part of the global transformation, we are focused on growth via strong progress in pipeline development, new orders, technology adoption, product industrialization and positioning for scale.

Grid Enhancing Technologies - like the Smart Wires SmartValve™ - enable the efficient use of the electricity grid. They are ready for large-scale deployment and can rapidly accelerate the connection of renewable energy on to grids worldwide, while also helping to improve grid resilience, stability, strength, and reliability - critical factors in modernizing the worlds' grids. Modernizing grids means creating a flexible system that can unleash renewable generation, stimulate demand side innovation, and deliver a green economy that addresses climate change, creates jobs, and empowers consumers.

This is reimagining the grid. Leveraging the amazing accomplishments of the grid through the past century and positioning it to again be one of civilization's most amazing accomplishment in the next century. This is Smart Wires.

The full Smart Wires Technology Ltd Q3 2021 Interim Report is attached to this release, and can be found at: https://www.smartwires.com/investors/financial-reports-presentations/

The Smart Wires Technology Ltd Q4 2021 Interim Report will be published on 24 March 2022.

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.