BeammWave (BEAMMW) Q2 2024 earnings summary

Executive summary

• Customer engagement intensified, with world-first public demo of distributed digital beamforming solution.

• Successful sales tour in Asia, expecting new business as a result.

• Strengthened board with industry experts and received new patents in Sweden and Taiwan.

• Rights issue subscribed to 67.6%, raising net proceeds of 23.0 MSEK.

• BeammWave is now fully established in 3GPP and recognized in the global telecom ecosystem.

Financial highlights

• Net sales were 0 KSEK for Q2 and 1,066 KSEK for H1 2024, compared to 0 KSEK in H1 2023.

• Operating loss for Q2 was -6,085 KSEK (vs. -4,997 KSEK Q2 2023); H1 operating loss was -9,972 KSEK (vs. -9,317 KSEK H1 2023).

• Cash flow for Q2 was 14,341 KSEK (vs. -8,950 KSEK Q2 2023), mainly due to the rights issue.

• Cash and cash equivalents at period end were 30,411 KSEK (vs. 37,144 KSEK at June 2023).

• Equity at period end was 64,200 KSEK (vs. 62,216 KSEK at June 2023); no interest-bearing debt.

Outlook and guidance

• Expecting tangible new business results in the coming autumn following intensified customer activities.

• Ongoing strong engagement with major global operators and partners, with further follow-up meetings in Asia.