Strong and growing pipeline – but outlook adjusted to reflect postponement of two sales orders.
COMPANY ANNOUNCEMENT NO. 82
Inside information
Today, LED iBond International A/S updated the revenue outlook for 2023 and predicted cash flow from operations.
LED iBond is far progressed in work relating to two large projects within indoor farming and parking solutions, for a combined value of DKK 1.2 million, which were previously expected to be ordered and delivered before the end of 2023. Both projects are now expected for delivery during the first part of 2024, and as such the associated revenue will move from 2023 to 2024, hereby resulting in a revised short-term outlook for 2023.
With successful and focused sales and marketing activities, resulting in a continuously growing pipeline and increasing interest from prospective clients, we have no reasons for not remaining optimistic around both short- and medium-term growth prospectives in 2024 and beyond.
Updated Outlook
Updating the outlook to reflect the short-term timing shift on a few larger projects, LED iBond now expects 2023 revenue of DKK 2.6 – 2.8 million reduced from the previous DKK 3.0 – 5.0 million as stated in company announcement no. 76 29 June 2023.
As a result of updated growth expectations, related working capital impacts, and the current macro-economic climate the company also postpone the expectations regarding positive cash flow from operations by one year, from 2024 to 2025.
As such, the updated financial outlook is:
- Revenue of DKK 2.6 – 2.8 million for 2023
- Positive cash flow from operations during 2025
About LED iBond International A/S
Founded in 2014, LED iBond International offers innovative lighting solutions, based on years of development and deep knowledge of modern LED technology combined with advanced packaging and assembly technology. Our patented technology platform includes a very thin formfactor of only 6 mm for the light panels, offering a unique value proposition based on high design flexibility, robustness, IoT integration, and low total costs of ownership due to market leading energy efficiency and superior cooling properties. The technology platform also reduces the installation cost due to a modular design with a limited need for traditional electrical wiring.
LED iBond’s technology has been installed in many projects, ranging from intelligent shelf lighting to numerous large scale illumination projects such as various parking facilities and as the indoor installation of 3.2 kilometres of TRACY®, the company’s innovative flagship product, at the Technical University of Denmark. LED iBond’s has also developed software-based advanced light management systems for control of lighting solutions.
LED iBond is focusing on three key business lines: Smart Building (Industry & Home), Indoor and Vertical Farming, and UV Disinfection, all projected to show significant growth in the years to come. For Indoor and Vertical Farming segments, LED iBond’s roadmap includes lighting solutions which incorporate advanced IT management with monitoring using sensors, cameras, and plant analysis.
Manufacturing takes place in Denmark in LED iBond’s own production facility with highly automated assembly lines.
LED iBond International A/S is admitted to trading on Nasdaq First North Growth Market Denmark (ticker: LEDIBOND).