Lte | 2022-08-09

Bittium Corporation Half-Year Financial Report January-June 2022

Second Quarter Net Sales and Operating Profit Remained at the Same Level as in the Previous Year

Unless otherwise mentioned, the figures in brackets refer to the corresponding period in the previous year.

In the Defense & Security business area, Bittium released two new products in the second quarter of the year. The product range of tactical communication was expanded with the new Bittium Tough VoIP Field Phone™ 2 device, which is suitable for use on the battlefield, in vehicles, and in command posts due to its versatile connectivity features, accessories, and power supply options. We expanded the secure Bittium Tough Mobile™ smartphone product family with the new Bittium Tough Mobile™ 2 Tactical solution, which is targeted at the defense market. The comprehensive solution enabling the soldier's mobile communication can be connected either to the Bittium Tough SDR Handheld™ radio or to third-party tactical radios.

Summary April-June 2022

  • Net sales were EUR 22.7 million (EUR 22.6 million), representing a 0.2 percent increase year-on-year.
  • The share of product-based net sales was EUR 15.8 million (EUR 16.7 million), representing 69.7 percent of the net sales. The share of Medical Technologies products was EUR 7.7 million (EUR 5.6 million) and the share of Defense & Security products was EUR 8.2 million (EUR 11.2 million).
  • The share of services-based net sales was EUR 6.9 million (EUR 5.9 million), representing 30.3 percent of the net sales. The share of Connectivity Solutions R&D services was EUR 3.7 million (EUR 3.8 million).
  • EBITDA was EUR 3.4 million (EUR 3.2 million).
  • The operating result was EUR 0.8 million (EUR 0.7 million).
  • The result for the period was EUR 0.6 million and earnings per share were EUR 0.016 (the result for the period EUR 0.5 million and earnings per share EUR 0.015).
  • Cash flow from operating activities was EUR 2.9 million (EUR 2.6 million).
  • Net cash flow was EUR -1.0 million (EUR -1.1 million).

Summary January-June 2022

  • Net sales were EUR 41.0 million (EUR 39.7 million), representing a 3.4 percent increase year-on-year.
  • The share of product-based net sales was EUR 27.2 million (EUR 27.9 million), representing 66.3 percent of the net sales. The share of Medical Technologies products was EUR 11.3 million (EUR 13.5 million) and the share of Defense & Security products was EUR 15.9 million (EUR 14.5 million).
  • The share of services-based net sales was EUR 13.8 million (EUR 11.8 million), representing 33.7 percent of the net sales. The share of Connectivity Solutions R&D services was EUR 8.0 million (EUR 7.8 million).
  • EBITDA was EUR 5.0 million (EUR 4.2 million).
  • The operating result was EUR -0.2 million (EUR-0.7 million).
  • The result for the period was EUR -0.6 million and earnings per share were EUR -0.018 (the result for the period EUR -1.0 million and earnings per share EUR -0.029).
  • Cash flow from operating activities was EUR 6.0 million (EUR 1.2 million).
  • Net cash flow was EUR 0.0 million (EUR -5.8 million).
  • The order backlog was EUR 29.6 million (EUR 29.5 million on December 31, 2021).