BeammWave (BEAMMW) Q3 2024 earnings summary

Executive summary

• Achieved world's first Over-The-Air demonstration of Distributed Digital Beamforming, strengthening industry leadership and customer engagement.

• Awarded SEK 4.1M innovation grant with Saab and SEK 3M for 6G research from Vinnova after the period.

• Expanded patent portfolio with over 40 patent families, including a new grant in Korea.

• Launched first product, Advanced Development Platform (ADP1), and sold initial platform to Molex Inc.

Financial highlights

• Net sales for Q3 were SEK 0K (0), and SEK 1,066K (0) for January–September; operating loss for Q3 was SEK -6,082K (-4,868K), and SEK -16,053K (-14,185K) for the nine-month period.

• Other operating income, mainly grants and interest, totaled SEK 1,976K (280K) for January–September.

• Operating expenses increased to SEK 8,957K (8,306K) in Q3 and SEK 27,974K (25,646K) for the nine months, mainly due to product development and personnel.

• Cash and cash equivalents at period end were SEK 21,181K (29,271K); equity ratio remained high at 90% (91%).

• Net cash flow for Q3 was SEK -9,230K (-7,873K); new share issues in Q2 raised SEK 23M net.

Outlook and guidance

• Customer engagement and sales pipeline remain strong, with ongoing discussions and focus on transitioning from concept to revenue-generating products.

• Cost base expected to increase gradually in line with customer activity.