Smart Wires Inc.

SMART WIRES TECHNOLOGY LTD, Q1 2022 INTERIM REPORT

May 12, 2022

“We have a growing backlog of approximately $60M for 2022 deliveries with more commitments expected in Q2, and a strong pipeline of projects for 2023, 2024, and beyond. Interest in our technology continues to grow and supports our projection for three phases of growth; applications of SmartValve technology to solve grid challenges, followed by services layered on top of our technology delivering system integration and flexibility, and ultimately new business models and opportunities like PaaS and SaaS.”

Peter Wells

CEO of Smart Wires

The Company’s Key Business Highlights for Q1 2022:

  • Low volume first quarter was in-line with expectations
  • On track to deliver full year guidance, with greater than 70% of annual revenue expected in H2
  • Q1 Revenue of $2.7 million, -78% vs. Q1 2021
  • Q1 Net loss of $21.2 million, -31% vs. Q1 2021
  • Q1 non-GAAP adjusted EBITDA loss of $19.1 million, -52% vs. Q1 2021
  • 2022 Full-year revenue guidance of $65 million to $70 million
  • 2022 Orders expected of $100 million to $120 million
  • Current order backlog at $60 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
  • Advanced opportunities in pipeline grew by 54% to over $370 million
  • Strengthened commercial leadership with appointments of two key leaders – Jessica Joyce as Senior Vice President, Americas and Hêdd Roberts as General Manager, Europe
  • Strengthened technical leadership with appointments of Jeremy Knepper as Senior Vice President, Quality and Sundar Baladhandapani as Senior Director of Controls & Communication
  • Industry leader Dr. Michael Howard appointed Chairperson of Smart Wires Board of Directors

Smart Wires Technology Ltd (“Smart Wires”) presents its Q1 2022 Interim Report at 09:00 CET on 12 May 2022 via audiocast teleconference at the following link: https://tv.streamfabriken.com/smart-wires-q1-2022. Teleconference: Dial-in number SE: +46856642706 UK: +443333009262 US: +16467224903

The full Smart Wires Technology Ltd Q1 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.

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 2022-05-12, 07:30 CET. 

 

 Smart Wires Technology Ltd Q1 2022 Interim Report

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