Bittium CEO: Increased need globally to secure critical information
Bittium this week issued the 'Bittium Corporation Business Review January-September 2020' Bittium CEO Hannu Huttunen stated in the review that January-September 2020 net sales grew by 17.2 percent year-on-year and operating result was positive. Compared to previous year, product-based net sales grew and services-based net sales decreased slightly. The growth in the net sales and positive operating result were caused by the good first half of the year.
The third quarter in 2020 was slightly weaker than expected. Net sales decreased by 7.8 percent from previous year and operating result was negative. Especially in the defense and security markets we were behind targets. Partly this was caused by the coronavirus (SARS-CoV-2) pandemic causing delays and slowdowns in the projects and new programs, and partly by the timing of product deliveries between the quarters.
Furthermore Bittium was able to turn the sale of the R&D services to growth and the net sales increased by 20 percent from previous year. The growth resulted from the increased sales in the telecom R&D service business and from the new medical technology projects. It is noteworthy that growth was achieved despite the fact that the company's own significant product development projects continued to tie experts to the development of our own products.
Cooperation with the Finnish Defence Forces continued strong. The development of the new Bittium Tough SDR™ vehicular radios has continued further and we aim at the first product deliveries by the end of this year. Also product deliveries to our other customers in the defense and public safety markets continued.
The overall awareness of mobile security threats has increased globally as well as the need to secure critical information the best possible way. This has clearly increased the interest towards secure Bittium Tough Mobile™ smartphones.