Wyld Networks (WYLD) Q2 2024 earnings summary

Executive summary

• Operating income for Q2 2024 more than doubled compared to Q2 2023, with year-to-date operating income up 66% year-over-year.

• First revenue-generating data delivered in South Africa, Australia, and Germany, with new partnerships and agreements in Brazil, Italy, and the UK.

• Launched the AT452 Satellite Tracker for global asset tracking, expanding product portfolio to L-band and targeting new markets.

• Received MSEK 6.1 R&D tax credit from the UK government and raised MSEK 6.4 through TO4 warrant subscriptions.

Financial highlights

• Q2 2024 total income: KSEK 2,956, up from KSEK 1,333 in Q2 2023; H1 2024 total income: KSEK 4,424, up from KSEK 2,664 in H1 2023.

• Q2 2024 EBIT: KSEK -9,711 vs. KSEK -10,520 in Q2 2023; H1 2024 EBIT: KSEK -20,967 vs. KSEK -19,635 in H1 2023.

• Q2 2024 EPS (before dilution): SEK -0.57 vs. SEK -0.79 in Q2 2023; H1 2024 EPS (before dilution): SEK -1.22 vs. SEK -1.47 in H1 2023.

• Personnel costs in Q2 2024 were 14% lower than Q1 2024 but 17% higher year-over-year; expected to decrease in H2 2024.

• End-Q2 2024 cash balance: MSEK 1.7, with MSEK 6.1 R&D tax credit received in July 2024.

Outlook and guidance

• Production and delivery of L-band IoT solutions ramping up, with accelerated global rollout planned.

• Additional equity funding expected in Q3 2024 to cover needs for the next 12 months.

• Company expects to repay MSEK 15 loan in H2 2024.

• Personnel and development contractor costs projected to decrease in H2 2024.