InCoax Networks AB Year-End Report 2023

InCoax's sales growth continued during the fourth quarter, and for the full year 2023, the financial goal of doubling sales compared to 2022 was exceeded with a margin. The MoU with Nokia during the fourth quarter lays the groundwork for continued strong growth.

Financial performance

October – December 2023

• Net sales amounted to SEK 22,650,678 (14,611,207), the turnover, which positively contributed to exceeding the originally communicated target for the full year and was driven partly by sales to a US-based FiberLAN operator and partly by sales of home network solutions.
• Operating profit amounted to SEK -5,484,604 (-3,254,341), a change driven by an increase in variable OPEX cost.
• Earnings after tax amounted to SEK -5,375,025 (–3,629,222), and earnings per share amounted to SEK -0.07 (–0.05).
• The period's cash flow incl. financing activities was SEK 5,199,465 (34,718,500).

Full-year 2023

• Net sales amounted to SEK 59,619,447 (25,922,260), the turnover, which surpassed the originally communicated goal and was driven partly by sales to a US-based FiberLAN operator and partly by sales of home network solutions.
• Operating profit amounted to SEK -16,729,885 (-22,629,647).
• Earnings after tax amounted to SEK -16,908,631 (–22,815,010), and earnings per share amounted to SEK -0.23 (–0.32).
• The cash flow incl. financing activities for the full year was SEK -21,306,144 (2,012,771).

Significant events during the quarter

• InCoax Networks AB (publ) publishes appointed Nomination Committee.
• InCoax Networks AB Interim Report, July – September 2023.
• InCoax receives an order of 1.8 million USD (19.9 million SEK) from the US-based FiberLAN operator.
• InCoax receives add-on order of USD 685k (SEK 7.2M) from the US based FiberLAN operator.
• InCoax Networks AB communicates 2023 net sales are expected to exceed the financial target.
• InCoax Networks signs MoU with Nokia.
• InCoax announces a rights issue of approximately SEK 52.6 million before issue costs.
• Notice of extraordinary general meeting in InCoax Networks AB, 2023-12-19.

Significant events after the end of the quarter

• Bulletin from the extraordinary general meeting in InCoax Networks AB.
• InCoax publishes prospectus in connection with rights issue.
• InCoax secures orders of 545 kUSD (5.4 MSEK) from US-Based FiberLAN operator.
• InCoax publishes supplementary prospectus.
• InCoax announces outcome in rights issue, which was subscribed to 123%.
• InCoax receives orders totaling 2 million USD (current value approximately 21 million SEK) from the US-based FiberLAN operator.
• From March 1, 2024, Andreas Bergman has been appointed Chief Commercial Officer (CCO) and member of the management team of InCoax. Helge Tiainen remains in the InCoax management team as responsible for Business Development and Standardization.

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 08.30 CET on March 8, 2024.

For additional information, please contact:
Jörgen Ekengren, CEO, InCoax Networks AB
[email protected]
+46 73 899 55 52

About InCoax Networks AB
InCoax Networks AB (publ) re-purposes existing property coaxial networks in fiber and fixed wireless access (FWA) extension deployments for Communication Service Providers (CSP) globally. The technology is a high performance, future proof, reliable and cost-effective complement, that reduces installation time and improves take-up rate, to boost digital inclusion and Internet access for all.

To keep updated on corporate information, visit incoax.com. Vator Securities AB, tel. +46 8-5800 6599, [email protected], is acting as the company’s Certified Adviser.