Smart Wires Technology Ltd, Q4 2021 Interim Report
March 24, 2022
Smart Wires Technology Ltd (“Smart Wires”) presents its Q4 2021 Interim Report at 15:00 CET on 24 March 2022 via audiocast teleconference at the following link: https://tv.streamfabriken.com/smart-wires-q4-2021. Teleconference: Dial-in number SE: +46856642705 UK: +443333009271 US: +16467224957
The Company’s Key Business Highlights for Q4 2021 and 2022 Outlook:
- Q4 Revenue of $19.2 million, +131% improvement
- Q4 non-GAAP adjusted EBITDA loss of $8.3 million, +46% improvement
- Secured $50 million debt facility in December, drawing $30 million in first tranche
- 2021 Revenue of $47.5 million, >3x growth over 2020; exceeds guidance of $38 million to $42 million
- 2021 Gross margin of 4%, +98 ppt improvement
- 2021 non-GAAP adjusted EBITDA loss of $50.5 million, +12% improvement
- 2021 weighted average loss per share of $1.03, +94% improvement
- Advanced opportunities in pipeline grew by $48 million to over $240 million
- Delivered and commissioned over 80 SmartValves™ at 9 customer sites in 2021
- Expanded Smart Wires team by 81 during 2021, strengthening organizations across the company
- 2022 Full-year revenue guidance of $65 million to $70 million
- 2022 Orders expected of $100 million to $120 million
- Current order backlog at $58 million slated for 2022 delivery
- 2022 Full-year gross margins of 12% to 14%
- 2022 Full-year non-GAAP adjusted EBITDA loss of $57 million to $62 million
CEO Comments
Countries around the world understand the importance of eliminating carbon emissions and reaching the international goal of net zero by 2050. The world has come a long way, but so much more must happen for us to reach this critical target.
Alongside this global momentum towards net zero, we have continued to gain traction in 2021. At Smart Wires, we are in the business of the energy transition, helping the owners and operators of today’s electricity networks modernize and digitalize their grids. We deliver advanced technology and analytics to transform today’s electricity grid into a next-generation, platform.
Smart Wires made tremendous progress in 2021. The company strengthened its team and brought in new investors with its listing. We entered new markets and began working with new customers around the world. Smart Wires has a robust backlog and pipeline of projects for 2022, and interest in our technology and solutions to help modernize and digitalize the electric grid is rapidly increasing.
The world has urgent and essential environmental goals to achieve by 2050, and these require immediate action as referenced in the recent IEA report, where renewable energy adoption needs to grow at 4X the current levels. We already have much of the technology and knowhow to make a difference and have an impact now.
The full Smart Wires Technology Ltd Q4 2021 Interim Report is attached to this release, and can be found at: https://www.smartwires.com/investors/financial-reports-presentations/.
Financial calendar:
Annual Report 2021 28 April 2022
Q1 2022 Interim Report 12 May 2022
Annual General Meeting 19 May 2022
The Annual Report 2021 and other future financial reports will be made available 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.
CONTACTS
Julie Andrews, CFO
E-mail: julie.andrews@smartwires.com
Tel: +1 901 687 8314
Smart Wires’ Certified Adviser is Erik Penser Bank AB, Apelbergsgatan 27, Box 7405, SE-103 91 Stockholm, E-mail: certifiedadviser@penser.se, Tel: 08-463 83 00, www.penser.se.
This information is information that Smart Wires Technology Ltd 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 2022-03-24, 07:30 CET.
For press related purposes, please contact us at marketing@smartwires.com.
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