SMART WIRES TECHNOLOGY LTD, Q3 2021 INTERIM REPORT
Smart Wires Technology Ltd (“Smart Wires”) presents its Q3 2021 Interim Report at 15:00 CET on 18 November 2021 via audiocast teleconference at the following link: https://tv.streamfabriken.com/smart-wires-q3-2021. Teleconference: Dial-in number SE: +46850558351 UK: +443333009265 NO: +47 23500243 PIN: 59758419#
The Company’s Key Business Events and Metrics for Q3 2021 include:
- Qualified pipeline increased to $5B, new opportunities identified in existing markets
- Revenue of $5.9M, +68%
- Gross margin of 12%, +83 ppt improvement
- EBITDA loss of $15.1M, $1.9M incremental loss driven by business investments
- Fully diluted loss per share of $0.14, +54% improvement
- 2021 full year revenue guidance of $38M - $42M
- Backlog of $72M to be delivered Q4 2021 – Q4 2022
- Orders between $36M to $42M received for projects in Colombia and the UK
- Five patents issued, total of 59 patents granted for high value inventions
- Completed delivery and commissioning of SmartValve™ projects across nine customer sites as of Q3 2021
CEO Comments
After a few weeks of travel and customer meetings in Q3, it is clear me that grid operators, regulators, and consumers alike, are focused on three core needs: transmission corridors; a flexible, controllable system; and market designs. This grid transformation must be under-pinned with reliable, high functionality technology that has competitive lifetime costs, enables change, and future-proofs the grid. Together this will deliver a flexible system operating holistically to drive the global energy transition.
To successfully deliver our part of the global transformation, we are focused on growth via strong progress in pipeline development, new orders, technology adoption, product industrialization and positioning for scale.
Grid Enhancing Technologies - like the Smart Wires SmartValve™ - enable the efficient use of the electricity grid. They are ready for large-scale deployment and can rapidly accelerate the connection of renewable energy on to grids worldwide, while also helping to improve grid resilience, stability, strength, and reliability – critical factors in modernizing the worlds’ grids. Modernizing grids means creating a flexible system that can unleash renewable generation, stimulate demand side innovation, and deliver a green economy that addresses climate change, creates jobs, and empowers consumers.
This is reimagining the grid. Leveraging the amazing accomplishments of the grid through the past century and positioning it to again be one of civilization’s most amazing accomplishment in the next century. This is Smart Wires.
The full Smart Wires Technology Ltd Q3 2021 Interim Report is attached to this release, and can be found at: https://www.smartwires.com/investors/financial-reports-presentations/
The Smart Wires Technology Ltd Q4 2021 Interim Report will be published on 24 March 2022.
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 in this press release has been made public through the agency of the responsible person set out above for publication at the time stated via the Company’s news distributor Cision at the publication of this press release.
ABOUT SMART WIRES TECHNOLOGY LTD.
Smart Wires conducts grid technology business that helps utilize, modernize, optimize and monetize grid capacity to meet the demands and opportunities of the energy transition. The Company operates in the global transmission grid technology market and is a leader in modular power flow control technology. Power flow control technology controls and directs power flow on high voltage electric transmission systems. Smart Wires serves transmission owners, primarily electric utilities. Transmission owners use power flow controllers to eliminate line overloads by redirecting power to other lines, to reduce transmission congestion, and to enable renewable energy connection and dispatch. Currently, Smart Wires’ main projects are located in Europe, the United States and Australia with upcoming projects in South America and Canada. The Company has a large customer base comprised of utilities globally. Smart Wires Technology Ltd is listed on the Nasdaq First North Growth Market. For more information, please visit www.smartwires.com.