SMART WIRES TECHNOLOGY LTD, Q2 2021 INTERIM REPORT
August 19, 2021
Smart Wires Technology Ltd (“Smart Wires”) presents its Q2 2021 Interim Report at 15:00 CEST on 19 August 2021 via audiocast teleconference at the following link: https://tv.streamfabriken.com/smart-wires-q2-2021. Teleconference: Dial-in number SE: +46856642707 UK: +443333009264 US: +1 6319131422, PIN: 26807678#
The Company’s Key Business Events and Metrics for Q2 2021 include:
First trading day on the Nasdaq First North Growth Market on 18 May 2021
- Qualified pipeline increased to $2.3 billion
- Revenue of $10.2 million, +445%
- Gross loss of $0.5 million, +85% improvement; negative margin of 5%, +162% improvement
- EBITDA loss of $15.3 million; negative margin of 150%, + 567% improvement
- Fully diluted loss per share of $0.16, +50% improvement
- Orders between $15 million to $17 million received in August 2021 for projects with an existing customer
- Three patents approved and four new patent applications filed
- Completed delivery and commissioning of SmartValve™ projects across seven customer sites in H1 2021
- Added 17 new positions and strengthened Leadership team with 5 new appointments
- Announced 2022 HQ move to Research Triangle Park in North Carolina with State and County incentives (August)
We continue to build a strong foundation for delivery on our goals. On the 18th of May Smart Wires was listed on the Nasdaq First North Growth Market. An important step in the Smart Wires journey, allowing access to funds for working capital, R&D and growth. During the quarter we have successfully delivered several projects across the world and increased our pipeline from $2.0 billions at the start of Q2, to $2.3 billions. Our revenue was $22.5 million for H1-21, a $18.8 million and 515% increase year-over-year. In our first six-month of operation during 2021, we have already surpassed the 2020 annual revenue by $7.1 million or a 45% increase from the $15.4 million earned in 2020.
Climate change is a far reaching, and critical topic. Perhaps the most important subject many of us will deal with in our lives. One critical area is Energy Transition, the movement of energy generation away from fossil-based fuel sources and harmful processes, towards renewable fuel sources, like solar and wind, with more efficient use and conservation, leveraged across multiple sectors that are electrified in order to create a sustainable and circular economy for green energy. The ability to modernize the Grid is a fundamental and critical need that can be addressed with Grid Enhancing Technology (GET) like the SmartValve™. Smart Wires has developed a key digital technology and evolved the right solution mix to rapidly enhance the grid, and drive the inflexion point we see today for the grid, the world, and our business.
The full Smart Wires Technology Ltd Q2 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 Q3 2021 Interim Report will be published on 18 November 2021.
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.
Peter G. Wells, CEO
Tel: +1 (510) 340-9797
This information is information that Smart Wires Technology Ltd is obliged to make public pursuant to the EU Market Abuse Regulation. The information in this press release has been made public through the agency of the responsible person set out above for publication at the time stated via the Company’s news distributor Cision at the publication of this press release.