Mobilicom Reports Financial Results for the Six Months Ended June 30, 2024; Revenues Up 232%
09 Settembre 2024 - 1:00PM
Mobilicom Limited
(
Nasdaq: MOB,
MOBBW), a provider of cybersecurity and robust solutions
for drones and robotics, today announced its financial results and
operational highlights for the six months ended June 30, 2024.
Financial
Highlights for the Six Months Ended June
30, 2024
- Revenues increased 232%
year-over-year to $1.8 million driven by initial production scale
orders from U.S. and Israeli Tier-1 customers
- OPEX remained steady, while H1 2024
revenue surged by approximately 3.3 times, pointing to the
Company’s ability to ramp sales without increasing operational
costs
- Operating net burn rate for the six
months ended June 30, 2024 was $1.1 million averaging approximately
$180,000 per month
- Strong cash position of $10 million
with narrowing monthly burn rate affords Mobilicom a long cash
runway to implement its strategic plans, capture market share, and
further ramp revenues
- EBITDA improved by 37% to $(1.5)
million compared to $(2.4) for the first six months of 2023
- Gross margin remained high at 56%,
reflecting strong high-end IP based technology and effective
components costs-reduction planning
- Confirmed order backlog as of June
30, 2024 was $700,000 and it is expected be fulfilled in the second
half of 2024; Backlog increased substantially following the end of
H1
Recent Operational
Highlights
- Received follow-on initial
production scale orders from one of the largest U.S. drone
manufacturers for SkyHopper PRO to be sold to the U.S. Department
of Defense (DoD); Additional larger orders expected as the drone
manufacturer successfully competes and wins new government tenders
for drones that may be integrated with our solution
- Received follow-on initial
production scale order from one of the world’s largest loitering
munitions providers, a prime vendor for Lockheed Martin and lead
vendor for the European Union and NATO member countries
- Mobilicom’s combat-proven ICE
Cybersecurity and SkyHopper Pro datalinks selected by Israel’s
Ministry of Defense for its small-sized drone program
- Completed successful integration
with Airbus in a collaboration that yields successful
proof-of-concept for Mobilicom’s expansion into mid-sized jet UAVs
for long-range operations
- Received initial production-scale
order from Israel Aerospace Industries (IAI) for SkyHopper Pro Lite
for its loitering drones deployed by Israel Defense Forces and to
be evaluated by potential customers worldwide, including the U.S.
DoD
- Launched groundbreaking OS3
Operations platform, a comprehensive software solution designed to
deliver Operational Security, Safety, and Standards compliance for
the commercial and defense uncrewed drones and robotics
industry
- Launched new MCU-300 cybersecure
software defined radio ground unit, expanding total addressable
market into the mid-sized long-range drone segment, uncrewed
ground, and maritime vehicles
“Per our strategy, our Tier-1 customers won
significant large and growing contracts with U.S. DoD and European
Union programs. We believe this is a very strong indicator of
Mobilicom’s growth potential for years to come,” stated Mobilicom
CEO and Founder Oren Elkayam. “Conflicts across Europe and the
Middle East, as well as tension between China and Taiwan are
accelerating demand and budget allocations for autonomous systems.
Moreover, the rise of electronic warfare underscores the critical
importance of cybersecurity, putting our ICE Suite at the center of
essential defense systems. All of these factors converge to drive
increasing demand for Mobilicom’s systems.”
About Mobilicom Mobilicom is a
leading provider of cybersecure robust solutions for the rapidly
growing defense and commercial drones and robotics market.
Mobilicom’s large portfolio of field-proven technologies includes
cybersecurity, software, hardware, and professional services that
power, connect, guide, and secure drones and robotics. Through
deployments across the globe with over 50 customers, including the
world’s largest drone manufacturers, Mobilicom’s end-to-end
solutions are used in mission-critical functions.
For investors, please use
https://ir.mobilicom.com/ For company, please use
www.mobilicom.com
Forward Looking StatementsThis
press release contains “forward-looking statements” that are
subject to substantial risks and uncertainties. All statements,
other than statements of historical fact, contained in this press
release are forward-looking statements. For example, the Company is
using forward-looking statements when it discusses its expectation
to receive additional larger orders as its drone manufacturer
customer successfully competes and wins new government tenders for
drones that may be integrated with our solution, its belief that
its Tier-1 customers winning significant large and growing
contracts with U.S. DoD and European Union programs is a very
strong indicator of Mobilicom’s growth potential for years to come
and the increasing demand for Mobilicom’s systems. Forward-looking
statements contained in this press release may be identified by the
use of words such as “anticipate,” “believe,” “contemplate,”
“could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,”
“plan,” “potential,” “predict,” “project,” “target,” “aim,”
“should,” “will” “would,” or the negative of these words or other
similar expressions, although not all forward-looking statements
contain these words. Forward-looking statements are based on
Mobilicom Limited’s current expectations and are subject to
inherent uncertainties, risks and assumptions that are difficult to
predict. Further, certain forward-looking statements are based on
assumptions as to future events that may not prove to be accurate.
These and other risks and uncertainties are described more fully in
the Company’s filings with the Securities and Exchange Commission.
Forward-looking statements contained in this announcement are made
as of this date, and Mobilicom Limited undertakes no duty to update
such information except as required under applicable law.
For more information on Mobilicom,
please contact:
Liad GelferMobilicom
Ltdliad.gelfer@mobilicom.com
Use of
Non-IFRS Financial
Information
In addition to disclosing financial results
calculated in accordance with the International Financial Reporting
Standards (“IFRS”) as issued by the International Accounting
Standards Board, this release also contains non-IFRS financial
measures, which Mobilicom believes are the principal indicators of
the operating and financial performance of its business.
Management believes the non-IFRS financial
measures provided are useful to investors' understanding and
assessment of Mobilicom’s ongoing core operations and prospects for
the future, as the charges eliminated are not part of the
day-to-day business or reflective of the core operational
activities of the company. Management uses these non-IFRS financial
measures as a basis for strategic decisions and evaluating the
Company's current performance. The presentation of these non-IFRS
financial measures is not intended to be considered in isolation
from, or as a substitute for, or superior to, operating loss and or
net income (loss) or any other performance measures derived in
accordance with IFRS or as an alternative to net cash provided by
operating activities or any other measures of our cash flows or
liquidity.
EBITDA is a non-IFRS financial measure that is
defined as earnings before interest, taxes, depreciation,
amortization, and other non-cash or one-time expenses.
|
Mobilicom Limited |
Unaudited Interim Condensed Consolidated Statements of Profit or
Loss and Other Comprehensive Income |
|
|
|
|
|
|
|
Restated* |
|
For the six months
ended, June
30, |
|
For the six months
ended, June
30, |
|
|
2024 |
|
|
|
2023 |
|
|
$ |
|
$ |
Revenue |
$ |
1,804,765 |
|
|
$ |
543,431 |
|
Cost of sales |
|
802,151 |
|
|
|
227,074 |
|
Gross margin |
|
1,002,614 |
|
|
|
316,357 |
|
|
|
|
|
Operating Expenses |
|
|
|
Selling and marketing
expenses |
|
924,449 |
|
|
|
935,840 |
|
Research and development,
net |
|
1,001,149 |
|
|
|
935,309 |
|
General and administration
expenses |
|
1,127,117 |
|
|
|
1,058,180 |
|
Total operating expenses |
|
3,052,715 |
|
|
|
2,929,329 |
|
|
|
|
|
Operating loss |
|
(2,050,101 |
) |
|
|
(2,612,972 |
) |
|
|
|
|
Financial income, net |
|
(453,226 |
) |
|
|
(1,232,588 |
) |
|
|
|
|
Loss before income tax
expenses |
$ |
(1,596,875 |
) |
|
$ |
(1,380,384 |
) |
|
|
|
|
Income tax expenses |
|
(57,000 |
) |
|
|
(70,833 |
) |
|
|
|
|
Loss after income tax
expenses |
$ |
(1,653,875 |
) |
|
$ |
(1,451,217 |
) |
|
|
|
|
Loss per share - basic and
diluted |
|
(0.11 |
) |
|
|
(0.11 |
) |
|
|
|
|
Weighted average shares
outstanding - basic and diluted |
|
1,555,961,075 |
|
|
|
1,329,652,095 |
|
|
|
|
|
|
|
|
|
* Restated throughout following transition from
AUD to USD presentation and functional currency
|
Mobilicom Limited |
Reconciliation table of EBITDA to Loss after income tax
expenses |
|
|
For the six months
ended, June
30, |
|
Restated*For the
six months ended,
June
30, |
|
|
2024 |
|
|
|
2023 |
|
|
$ |
|
$ |
Loss after income tax
expense |
$ |
(1,653,875 |
) |
|
$ |
(1,451,217 |
) |
Financial income, net |
|
(453,226 |
) |
|
|
(1,232,588 |
) |
Depreciation |
|
129,303 |
|
|
|
118,353 |
|
Share-based compensation |
|
428,066 |
|
|
|
113,145 |
|
Income tax expense |
|
57,000 |
|
|
|
70,833 |
|
EBITDA |
$ |
(1,492,732 |
) |
|
$ |
(2,381,474 |
) |
|
|
|
|
* Restated throughout following transition from
AUD to USD presentation and functional currency
|
Mobilicom Limited |
Unaudited Interim Condensed Consolidated Statements of Financial
Position |
|
|
|
|
|
June
30, |
|
Restated*December 31, |
|
|
2024 |
|
|
|
2023 |
|
|
$ |
|
$ |
Assets |
|
|
|
|
|
|
|
Current assets |
|
|
|
Cash and cash equivalents |
$ |
9,676,328 |
|
|
$ |
8,385,283 |
|
Restricted cash |
|
58,008 |
|
|
|
59,426 |
|
Trade and other receivables,
net |
|
443,568 |
|
|
|
977,578 |
|
Inventories, net |
|
709,345 |
|
|
|
934,779 |
|
Total current assets |
|
10,887,249 |
|
|
|
10,357,066 |
|
|
|
|
|
Non-current assets |
|
|
|
Property, plant and equipment,
net |
|
87,550 |
|
|
|
80,547 |
|
Right-of-use assets |
|
328,310 |
|
|
|
460,300 |
|
Total non-current assets |
|
415,860 |
|
|
|
540,847 |
|
|
|
|
|
Total assets |
$ |
11,303,109 |
|
|
$ |
10,897,913 |
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
Current liabilities |
|
|
|
Trade and other payables |
$ |
1,044,449 |
|
|
$ |
1,420,018 |
|
Lease liabilities |
|
207,847 |
|
|
|
223,700 |
|
Financial liability |
|
1,555,632 |
|
|
|
1,075,808 |
|
Total current liabilities |
|
2,807,928 |
|
|
|
2,719,526 |
|
|
|
|
|
Non-current liabilities |
|
|
|
Lease liabilities |
|
115,521 |
|
|
|
229,078 |
|
Employee benefits |
|
203,409 |
|
|
|
202,151 |
|
Governmental liabilities on
grants received |
|
13,235 |
|
|
|
4,560 |
|
Total non-current
liabilities |
|
332,165 |
|
|
|
435,789 |
|
|
|
|
|
Total liabilities |
|
3,140,093 |
|
|
|
3,155,315 |
|
|
|
|
|
Net assets |
$ |
8,163,016 |
|
|
$ |
7,742,598 |
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
Issued capital |
|
32,878,307 |
|
|
|
31,035,121 |
|
Reserves |
|
(680,372 |
) |
|
|
(911,479 |
) |
Accumulated losses |
|
(24,034,919 |
) |
|
|
(22,381,044 |
) |
|
|
|
|
Total equity |
$ |
8,163,016 |
|
|
$ |
7,742,598 |
|
|
|
|
|
* Restated throughout following transition from
AUD to USD presentation and functional currency
Grafico Azioni Mobilicom (NASDAQ:MOBBW)
Storico
Da Ott 2024 a Nov 2024
Grafico Azioni Mobilicom (NASDAQ:MOBBW)
Storico
Da Nov 2023 a Nov 2024