Financial performance

January–March 2020

  • Net sales amounted to SEK 241,767 (958,386), which is equivalent to a decrease of 72% compared with the corresponding period in the preceding year.
  • The company posted an operating loss of SEK –17,371,881 (–14,805,760), a reduction driven primarily by organizational growth and costs related to severance pay for the former CEO.
  • The loss after tax was SEK –17,411,159 (–14,848,232), corresponding to earnings per share of SEK –0.95 (–1.20).
  • Cash flow including financing activities during the quarter was SEK –17,122,806 (–794,774).

Significant events during the quarter

February

  • NetNordic installs gigabit network at a hotel in Gothenburg based on In:xtnd™.

March

  • Jörgen Ekengren appointed new CEO for the company on March 17, 2020.
  • New reseller agreement with Swedish Barcom.

Significant events after the end of 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.
  • The Nomination Committee proposes Kevin Foster as new Board member.
  • 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, which has now been implemented.

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.

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 17.15 CET on May 15, 2020.                  

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