Financial performance

April–June 2020

  • Net sales amounted to SEK 440,445 (1,108,187), corre­sponding to a year-on-year decrease of 60%.
  • The operating loss was SEK –14,623,807 (–18,654,944), an improvement primarily driven by the focusing of activities and reduced consultant costs.
  • The loss after tax was SEK –14,696,125 (–18,695,898), corresponding to earnings per share of SEK –0.80 (–1.51).
  • Cash flow including financing activities during the quarter was SEK 908,106 (19,419,413).

January–June 2020

  • Net sales amounted to SEK 682,212 (2,066,573), corre­sponding to a year-on-year decrease of 67%.
  • The operating loss was SEK –31,995,688 (–33,460,704), an improvement primarily driven by the focusing of activities and reduced consultant costs.
  • The loss after tax was SEK –32,107,284 (–33,544,129), corresponding to earnings per share of SEK –1.75 (–2.71).
  • Cash flow including financing activities during the period was SEK –16,214,700 (18,624,640).

Significant events during the quarter

April

  • Review of costs arising from the COVID-19 pandemic and new dates for the Annual General Meeting and publication of the Annual Report.
  • Value Added Reseller (VAR) agreement with the system integrator Hirschmann Multimedia for the Dutch and Belgian markets.
  • Helge Tiainen appointed new Head of Product Man­agement, Marketing & Sales.
  • Emil Bendroth appointed new CFO.
  • Distributor and VAR agreement with TDL for Canada.
  • The Swedish Agency for Economic and Regional Growth approved a grant for short-time working.

May

  • Secured bridge financing of SEK 15 million.
  • Distributor and VAR agreement signed with Core for the US.
  • VAR agreement signed with Anedis for Germany.

June

  • Field test order from expansive US Fiber/LAN operator.
  • Kevin Foster was elected as a board member.

Significant events after the end of the quarter

July

  • Project agreement with a North American Tier-1 operator.
  • InCoax completed a fully guaranteed rights issue of around SEK 48 million, communicated new goals and entered into an agreement on a set-off issue of convertibles.

Full the full report, please download the attached PDF. The full report is also available at incoax.com.

This information is such information as InCoax Networks AB (publ.) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out below, at 12.45 CET on August 12, 2020.
 

For more information:
Jörgen Ekengren, CEO, InCoax Networks AB                                     
jorgen.ekengren@incoax.com                                                             
+46 73- 899 55 52