Wyld Networks (WYLD) Q3 2024 earnings summary

Executive summary

• Organisational restructure and cost-cutting reduced costs by 40%, including headcount and executive salary reductions, to focus on efficient product delivery and profitable growth.

• Shifted product development from ISM band to L-band due to satellite coverage issues, prioritizing delivery to 10 key customers.

• Multiple new partnerships and orders secured in Q3 and after, expanding reach in South America, APAC, Australia, and EMEA.

• Rights issue and bridge loan provided critical capital, repaid all loans, and restored equity position.

Financial highlights

• Q3 2024 total income was KSEK 1,697, down from KSEK 2,582 in Q3 2023; Jan–Sep 2024 income was KSEK 6,122, up from KSEK 5,246 year-over-year.

• Q3 2024 EBIT was KSEK -8,064, improved from KSEK -13,804 in Q3 2023; Jan–Sep EBIT was KSEK -29,031, better than KSEK -33,439 year-over-year.

• Q3 2024 EPS before dilution was SEK -0.39, compared to SEK -0.81 in Q3 2023.

• Operating income in Q3 was 17% ahead of prior year; external development costs down 50% year-over-year.

• Positive cash flow from working capital of MSEK 5.3, mainly from UK R&D tax credit receipt.

Outlook and guidance

• 2025 expected to accelerate customer acquisition and revenue growth, with recurring revenue anticipated from Wyld Fusion platform.

• Focus remains on L-band product delivery and onboarding sensors for recurring data revenue.