Maven Wireless Sweden (MAVEN) Q4 2024 earnings summary

Executive summary

• Maven Wireless specializes in digital repeater and DAS platforms, holding 74 patents and serving global public, cellular, safety, in-train, and private 5G markets.

• The company operates in a $10B DAS market (2023), projected to reach $13B by 2028 with a 6.2% CAGR; Maven's TAM is about one-third of the market.

• Q4 2024 order intake surged 149% year-over-year to SEK 76 million, reflecting strong market activity and improved economic conditions.

• Q4 net sales declined 41% year-over-year to SEK 45.9 million due to weak order intake in prior quarters.

• Notable projects include Wienerwald tunnel (24M), Burj Azizi Dubai (8 MSEK), and a three-year Telenor extension (100M), supporting business momentum.

Financial highlights

• Q4 2024 revenue was SEK 45.9 million, down from SEK 77.8 million year-over-year; full-year revenue was SEK 188.8 million.

• Gross margin was 42% in Q4 (44% prior year); full-year gross margin was 43%.

• Q4 EBITDA margin was -8% (company-wide) and 3% (standalone); full-year EBITDA margin was 6%.

• Order intake increased by 149% after summer, improving cash flow; order book at year-end was SEK 118 million.

• Q4 EPS after dilution was SEK -0.02; full-year EPS after dilution was SEK 0.00.

Outlook and guidance

• Sequential buildout of 5G indoor coverage (Nimbus) is expected to improve cash flow and drive sales ramp-up.

• Market activity increased post-summer, supporting a positive outlook for order intake and sales.

• Recent contract wins and extended agreements, such as with Telenor, support a positive outlook.