SMART WIRES GIVES UPDATE ON 2022 OUTLOOK DUE TO GLOBAL SUPPLY CHAIN DISRUPTION
· Lowered revenue outlook to $55M - $60M compared to previously stated $65M to $70M due to impact on production volume and technology deployment because of continued global supply chain disruptions · Suspended gross margin and EBITDA outlook due to limited forecasting ability related to supply chain constraints, uncertainty, and inflation · Company supply chain management strengthened with near-term supply solutions and mid-longer term strategic shifts and diversification · The demand for new grid technology solutions is high and the 2022 full-year order forecast of $100M to $120M