Correction: InCoax Networks AB’s Year-end Report, January–December 2019

The press release "InCoax Networks AB's Year-end Report January-December 2019", which was distributed on Thursday, February 6, 2020, stated that the net sales increase was 337% for the quarter and 190% for the full year. Correct figures should be 237% and 90%. Below follows the corrected press release:

Focusing the business strategy towards system design, with the goal that sales of our solutions will start to take off in 2020. We have 29 potential customers in test phase and are close to formalizing a project with great potential with one of the world’s largest operators, and are also in an intensified phase with another of the world’s largest operators.

Financial performance October–December 2019

• Net sales amounted to SEK 576,547 (170,841), which is equivalent to an increase of 237% compared with the corresponding period in the preceding year.
• The company posted an operating loss of SEK –18,022,832 (–17,403,569), a reduction driven primarily by organizational growth.
• The loss after tax was SEK –18,359,744 (–17,485,787), corresponding to earnings per share of SEK –1.00 (–1.88).
• Cash flow including financing activities during the quarter was SEK 6,908,729 (3,082,877) and cash and cash equivalents amounted to SEK 29.5 million at the end of the quarter.

Financial performance January–December 2019

• Net sales amounted to SEK 2,822,067 (1,486,816), which is equivalent to an increase of 90% compared with the corresponding period in the preceding year.
• The company posted an operating loss of SEK –65,108,321 (–49,115,341), a reduction driven primarily by organizational growth.
• The loss after tax was SEK –65,760,609 (–49,315,174), corresponding to earnings per share of SEK –3.59 (–5.29).
• Cash flow including financing activities during the period was SEK 21,745,099 (4,379,126).

Significant events during the quarter

• A rights issue contributed SEK 47.5 million to the company, of which approximately SEK 5.8 million was used to offset bridge financing.
• Two new In:xtnd™ products were launched and an agreement was signed with a new partner for contract development and production of In:xtnd™ Access.
• Retailer agreement signed with FCA in the Polish market.
• Order secured from Deutsche Telenetz for rural services via radio link/fixed wireless access (FWA).

See the attached interim report in its entirety.

The interim report is also available at www.incoax.com.

This information is such information as InCoax Networks AB (publ.) 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 below, at 11.15 CET on Feb 6, 2020.

Contacts
Peter Carlsson, CEO, peter.carlsson@incoax.com, (+46) (0) 26-420 90 42.
Marie Svensson, CFO, marie.svensson@incoax.com, (+46) (0) 26-420 90 42.

About InCoax Networks AB (publ.)
InCoax is innovating the future of broadband access. In:xtnd™ provides the next-generation smart and sustainable networking solutions to the world’s leading telecom and broadband service providers. For additional information about how we are saving the world from complicated, visit www.incoax.com. Augment Partners AB, tel. +46 8-505 651 72, info@augment.se is acting as the company’s Certified Adviser.