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Biosergen - Optimism after treatment success – Mangold Insight Analysis

Biosergen has got off to a successful start in India where patient studies are ongoing. A critically ill patient diagnosed with fungal Mucormycosis treated with the drug candidate BSG005 has recovered and surgery has been avoided. Mangold sees this as very encouraging results from the first treated patient in the study. Mangold reiterates Buy with a price target of SEK 2.10 per share in a Base case, an upside well over 200 percent. Trigger for the stock is continued success in the ongoing patient study.

CYBER1 - Great potential in cybersecurity - Mangold Insight Analysis

Mangold updates Cyber Security 1 (“CYBER1”). Revenues increased to EUR 28.7 (25.1) million in the first half of 2024, corresponding to a growth rate of around 15 percent. The revenue was in line with our estimate, which we believe shows that the company is on the right path. The gross margin was 21.0 (22.5) percent, which was slightly lower than estimate. However, personnel costs and other costs were lower than we expected, which means that we will lower the operational costs moving forward. We continue to estimate that CYBER1 will achieve full-year profitability in 2024. Mangold welcomes

JonDeTech Sensors - Sensor rollout starting - Mangold Insight Analysis

Mangold is updating its view on JonDeTech Sensors (JonDeTech). Net sales amounted to approximately SEK 0.6 (0.0) million in the first quarter of 2024, compared with the same period last year. At the same time, the order book increased to SEK 2.1 million compared to the previous quarter of SEK 1.2 million. Mangold looks positive that sales are up and running. We expect a significant increase in sales volume with the launch of the JIRE10 in Q2 and JIRS30 in Q3. JonDeTech's other costs decreased to SEK 8.5 (10.7) million in the first quarter compared to last year, corresponding to a

Wyld Networks - Slower rollout than expected - Mangold Insight Analysis

Virtual satellite network operator Wyld Networks ("Wyld") has started delivering products in the fourth quarter of 2024. this is a significant milestone for the company. However, the scaling-up of sales during the quarter has not materialized, which means that we adjusted the estimates for a slower rollout than expected. In March, Wyld entered into three partnerships with a potential total value of up to SEK 92 million. Wyld previously had an order book of SEK 91.5 million, which is expected to be translated into revenue in 2024 and beyond. Wyld:s cash amounted to about SEK 20 million by

CYBER1 - Strong end of 2023 - Mangold Insight Analysis

Mangold updates Cyber Security 1 ("CYBER1") after the fourth quarter of 2023. Revenue increased to EUR 18.8 (16.2) million in the fourth quarter, corresponding to growth of around 16 percent. At the same time, the gross margin improved to 25 (20) percent during the quarter. The EBITDA amounted to approximately EUR 1.4 (-0.5) million, which is a significant improvement on the same period last year. The EBITDA margin amounted to 7.3 percent, which was a strong close in 2023. For the full year, the EBITDA was in line with our estimate and the EBITDA margin was 1.2 percent. However, the result

JonDeTech Sensors - Building for exciting 2024 - Mangold Insight Analysis

Mangold is updating its view on JonDeTech Sensors (JonDeTech). In the fourth quarter, the company delivered the first JIRS40 to Yoyon with additional products delivered in January. The delivery related to smart locks and dialog is conducted around extended uses and recurring orders. In addition, the company received a design win and orders from GMT for SEK 0.9 million regarding presence detection for smart refrigerators. The company is well on the way to commercializing JIRE10 and JIRS30 which will diversify revenue streams and, in our judgment, lead to progressively increased revenue.The

JonDeTech Sensors - Infrared sensors ramping up - Mangold Insight Analysis

Mangold initiates coverage of the sensor technology company JonDeTech Sensors ("JonDeTech") with a Buy recommendation. The price target is SEK 0.10 per share over a 12-month period. The company has developed the JIRS30 sensor element, which is one of the world's thinnest IR sensors and only 0.17 mm high. The JIRS30 differs from traditional IR sensors in that it can be used in direct contact with objects, is flexible and does not require a protective cover, which is unique for JonDeTech. In addition, the company has sensors JIRS10 and JIRS40 in its product portfolio, which leads to several

Wyld Networks - Exciting phase for the satellite network operator - Mangold Insight Analysis

Virtual satellite network operator Wyld Networks ("Wyld") has started to deliver modules, which is expected to generate substantial revenue growth in the coming quarters. Contracts have also been signed during and after the quarter, which may result in further increased revenue. Wyld Fusion was also released as a separate product, and is expected to contribute to its recurring revenue. Wyld had a cash position of about SEK 33 million at the end of the third quarter. Mangold believes that it makes the company well capitalized to be able to scale up production and delivery in the fourth

CYBER1 - Cyber Security in growth markets - Mangold Insight Analysis

Mangold updates Cyber Security 1 ("CYBER1") after the third quarter of 2023. CYBER1’s revenue increased to EUR 33.9 (30.6) million in the first nine months of the year compared to the same period last year. That represents a growth rate of 10.9 percent. Mangold has chosen to adjust down the growth rate given a lower growth than expected. Gross profit increased to EUR 7.3 (6.0) million during the same period, which corresponds to an increase of 22 percent. EBITDA amounted to EUR -0.76 (-2.61) million, which is a significant improvement over the previous year. However, it is lower than

Genetic Analysis – Capital raise give boost – Mangold Insight Analysis

Genetic Analysis, a diagnostic company within Life Science, is growing rapidly. To continue its expansion, the company needs to raise capital, expected to be done in several steps. First, in a direct issue to a group of existing shareholders, followed by a repair rights issue directed to existing shareholders. Its partner in China, is also expected to invest in the company early next year. In total, the company is expected to be able to raise up to NOK 25 million. This enables continued growth that will take the company to profitability.The third quarter was soft due to earlier stock-

Wyld Networks - Long-awaited delivery started - Mangold Insight Analysis

Virtual satellite network operator Wyld Networks ("Wyld") has started to deliver modules which will generate significant cash flows moving forward.  The order book of SEK 91.5 million is starting to be converted into revenue which is a huge step forward for Wyld. Mangold believes that the most relevant aspect is how quickly Wyld can deliver the pre-ordered modules and terminals.  In the second quarter, revenue was lower than expected while costs developed at an expected rate. An agreement with SpaceX on possible areas of collaboration further demonstrate the potential of Wyld's offer. The

CYBER1 - Moving towards profitability on a full year basis - Mangold Insight Analysis

Mangold is updating Cyber Security 1 ("CYBER1") after the second quarter of 2023. CYBER1’s revenue increased to MEUR 25.1 (19.3) in the first half of 2023 compared to the same period last year. That represents a growth rate of 30 percent. Gross profit increased to MEUR 5.7 (3.9) during the same period, which corresponds to an increase of 45 percent. EBITDA and profit also turned to black figures; MEUR 0.4 (-1.5) and MEUR 0.0 (-1.9) respectively in the first half of the year. Mangold continues to believe that CYBER1 will reach profitability on a full year basis in 2023 driven by its growth

Wyld Networks - Scaling up for bulk delivery - Mangold Insight Analysis

The virtual satellite network operator Wyld Networks ("Wyld") has replenished its order book which now totals approximately SEK 91.5 million, of which SEK 14.4 million relates to data revenue. In the first quarter of 2023, revenue was lower than expected of SEK 1.3 (4.0) million, which led to a revision of the full-year estimate. Mangold continues to estimate that the company will start delivering orders in volume during the third quarter of 2023. The company's costs are increasing at an expected pace and estimates remain unchanged for 2023. The company is estimated to be well

CYBER1 - Profitable growth bodes for a bright future - Mangold Insight Analysis

Mangold updates Cyber Security 1 ("CYBER1") after the first quarter of 2023. CYBER1's revenue increased to EUR 13.4 (9.5) million compared to the same period last year, representing a growth rate of 41 percent. Gross profit grew by 65 percent to EUR 3.1 (1.9) million compared to the same quarter of the previous year. The gross margin increased to 23.3 percent compared with 19.9 percent last year. All subsidiaries reported a positive EBITDA during the quarter, which is seen as a sign that the company has turned its course. EBITDA amounted to EUR 392 thousand during the quarter compared to

Wyld Networks - Massively growing order book - Mangold Insight Analysis

Wyld, after launching its satellite IoT network service, has received a rapidly growing order book. The order intake has amounted to SEK 40.5 million during the first three months of the year. Mangold estimates that more orders are to be expected when it comes to both Wyld Connect and data. The order book totals approximately SEK 76 million, of which SEK 13 million relates to data. Data revenue alone is expected to reach approximately SEK 97.1 million per year when all 223 000 units are operating at a conservative price of 3.50 dollar per unit per month. For 2022, revenues and costs were

Wyld Networks - Long-awaited launch completed - Mangold Insight Analysis

Virtual satellite network operator Wyld launched its satellite IoT network service on 8 December, and is now facing an exciting year. The company has an order book value of MSEK 34 (excluding data revenue) and over 40 collaboration partners. Mangold predicts that Wyld will convert the order book into revenue from the beginning of 2023, and believes that the order book will continue to grow. Expenses were in line with Mangold's estimates, but with higher staff costs and lower other expenses than expected. Wyld carried out a private placement in November of approximately MSEK 7.3, before

CYBER1 - Double acquisition completed - Mangold Insight Analysis

Mangold is updating the cyber security company Cyber Security 1 ("CYBER1") following the third quarter. CYBER1's revenue increased to MEUR 11.3 (8.2), corresponding to a growth rate of 37.3 percent. Revenue was 2.7 percent lower than estimate for the quarter, which means that Mangold maintains the growth estimate for the fourth quarter.  CYBER1 acquired the remaining 25 percent of CSSA and 50 percent of CSAD at the end of September, which means that CYBER1 owns both companies to 100 percent. The purchase price amounted to MEUR 2.172, and the companies had a combined turnover of MEUR 11.4

Wyld Networks - Strong establishment ahead of launch - Mangold Insight Analysis

Wyld has established eight new partnerships and generated a total orderbook value of approximetely MSEK 32 (excluding data revenue), corresponding to approximetely 92 000 Wyld Connect units. The order book is expected to be further increased prior to the launch later this year. Mangold had predicted that the launch of the full-scale satellite service would take place in September and has now postponed the expected launch to December. The costs were slightly higher than expected, which means that Mangold is upwardly revising the cost estimate for 2022 and beyond.Wyld continues to set up

CYBER1 - Continued potential within cyber security - Mangold Insight Analysis

Mangold is updating the cyber security company Cyber Security 1 (”CYBER1”) following the second quarter. CYBER1's revenue increased by 19.7 percent in the second quarter of 2022, compared to the same period last year. Revenue was accordingly 7.3 percent lower than estimated for the quarter. The gross margin was lower than expected, driven by costs related to customer acquisition and price wars with competitors within the largest subsidiary Drs.  CYBER1's subscription warrants of series TO1 had a exercise rate of approximately 86 percent, meaning the company received approximately MEUR 3.

CYBER1 - Cyber security at a discount - Mangold Insight Analysis

Mangold is updating the cyber security company Cyber Security 1 "CYBER1" after the quarterly report. CYBER1's income increased by 21.5 percent during the first quarter of 2022 compared to the same period last year, and as such is well on its way to achieving the sales estimate for 2022. The EBIT margin was -6.6 percent for the quarter, which can be attributed to the set up of the Special Operations Centre (SOC) in the new Managed Services business area. CYBER1 has been profitable during the previous four quarters, and Mangold estimates that they will return to profitability on a full-year

Wyld Networks - New steps in the right direction - Mangold Insight Analysis

Wyld's first quarter was mainly as expected; Revenue was lower than in the previous year, where the majority of revenue consisted of a British tax credit. The company's sales are expected to increase exponentially in 2022, driven by the expected launch in September, with recurring monthly revenue from data fees. Other expenses were slightly higher than expected, which means that they are upwardly adjusted by MSEK 1.4 for the full year 2022.  Wyld's subscription warrants resulted in MSEK 25.2 in financing, in addition to the existing cash of MSEK 12. As such, the coffers are well stocked

Wyld Networks - Foundations in place for commercialisation - Mangold Insight Analysis

The virtual satellite network operator IoT Wyld Networks ended 2021 strongly with several new collaboration agreements. Wyld reported higher income than estimated for 2021, and is well on its way to reaching the sales estimate for 2022. The company received orders of MSEK 17,0 and MSEK 11,3 (excluding data revenue) in the agricultural and forestry sectors. Mangold asses that the orders will generate 40 percent of the sales estimate for 2022 and shows Wyld's ability to generate high sales growth going forward.  Together with Eutelsat, Senet and TrakAssure, Wyld has formed a consortium

DLTx - The banks cryptonite - Mangold Insight Analysis

Mangold inititates coverage of the technology company DLTx, with the Buy Recommendation and a price target of NOK 20,57 per share. The company has several different revenue streams within blockchain technology, and operates in a market with high growth. DLTx mines the cryptocurrencies Bitcoin and Filecoin, and invests in projects related to blockchain technology. The company operates in the Distributed Ledger Technologies market, with an expected annual growth rate of 62 percent (CAGR) between 2019 and 2027. Growth is driven by an underlying demand for decentralised systems, where

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