REG - MTI Wireless Edge - Q1 2024 Financial Results
20/05/2024 07:00
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RNS Number : 0035P MTI Wireless Edge Limited 20 May 2024
20 May 2024
MTI Wireless Edge Ltd
("MTI", the "Company" or the "Group")
Q1 2024 financial results
MTI Wireless Edge Ltd (AIM: MWE), the technology group focused on
comprehensive communication and radio frequency solutions across multiple
sectors, is pleased to announce its financial results for the three-month
period ended 31 March 2024.
Financial highlights
· Generated revenues of $11.24m (Q1 2023: $11.28m), a solid start to
the year with new business wins expected to drive revenue growth in Q2 and
later in the year.
· 20% increase in EBITDA* to $1.68m (Q1 2023: $1.39m).
· Earnings per share increased by 5% to 1.06 US cents (Q1 2023: 1.01 US
cents).
· 133% increase in net cash provided by operating activities to $1.25m
(Q1 2023: $0.54m), contributing to a continued strong financial position with
net cash as at 31 March 2024 of $8.34m (31 December 2023: $8.08m).
Operational highlights
Antennas
· The Antenna division provides a one stop shop for the sale of 'off
the shelf' flat and parabolic antennas, combined with the provision of
custom-developed antenna solutions to a range of commercial and military
customers.
· The division also has a growing focus on providing 5G backhaul
antenna solutions to support mobile phone operators as they roll-out their 5G
networks.
· The division had a good first quarter with strong revenue growth up
13% versus the same period in the prior year, although the product mix held
back profitability which is expected to reverse in Q2 with more profitable
product combinations.
· Commercial antenna deliveries drove revenue growth in Q1 with
military deliveries below last year. Significant recent orders for military
antennas, together with the current order backlog make it likely this segment
of the market will be strong for the Group during the remainder of the year.
· 5G remains a key market with the automatic beam steering ("ABS")
antenna solution now moving into trial stages with two Tier 1 mobile phone
operators.
· Sales of the division's 5G backhaul solutions are coming through from
multiple markets, with India still expected to be the largest opportunity in
the nearer term.
Water Control & Management
· This division operates under the Mottech brand and provides wireless
control systems to manage irrigation and water distribution for agriculture,
municipal authorities and commercial entities.
· Mottech's solutions reduce water and power usage for its customers
and allows these customers to generate higher revenues from the higher yields
that result from both an increased number and improved quality of crops
cultivated.
· Revenues in Q1 2024 softened 16% compared to the same period in 2023,
following the scheduled municipal elections in Israel last year, nevertheless,
profitability increased strongly reflecting increased revenues in higher
margin markets and improved service contract terms.
· Entering Q2, this division is performing well with a lengthy pipeline
of new business opportunities combined with a healthy backlog of orders.
Distribution & Professional Consulting Services
· Operates under the MTI Summit Electronics brand and represents
approximately 40 international suppliers of radio frequency/microwave
components, selling these products to Israeli customers.
· Expert knowledge of both the international suppliers and customers
enables MTI to also act as a consultant to all parties and assist with
devising complete radio frequency/microwave solutions.
· Delivered 10% growth in revenues for Q1 2024. Whilst sales from PSK
were 1% lower, sales from the other parts of this division were up 16% with
good growth in profitability.
· PSK projects were slower to complete due to key personnel being
called up for military service. This impacted margins in the period resulting
in a loss, however, this is expected to reverse and for PSK to move back into
profitability in the year.
Moni Borovitz, Chief Executive Officer of MTI Wireless Edge, said:
"We expect 2024 to be a successful year for the business. In Q1, we delivered
a positive trading performance, but we have not, as yet, felt the full benefit
of the backlog of business that we have contracted or indeed the healthy
pipeline of opportunities we have ahead of us. MTI is therefore well placed
for 2024 and in a strong financial position to respond as opportunities arise.
"The conflict with Hamas is deeply saddening for all concerned. The impact on
our business continues to be relatively limited, however, PSK was impacted by
some staff shortages in Q1, but overall, the Group's team has been able to
address any challenges.
"Our three divisions all sell their expertise in delivering radio frequency
solutions, each addressing large and growing markets boosted by positive macro
trends. These are the growing global problem of water scarcity, the roll-out
of 5G mobile networks across the world and the increase in defence spending by
governments worldwide.
"MTI entered Q2 in a good position and has since announced sizeable contract
wins which have further enhanced the Board's confidence in our ability to
deliver a good performance for the year."
*Earnings before interest, tax, depreciation and amortisation.
For further information please contact:
MTI Wireless Edge Ltd +972 3 900 8900
Moni Borovitz, CEO http://www.mtiwirelessedge.com
(https://url.avanan.click/v2/___http:/www.mtiwirelessedge.com___.YXAxZTpzaG9yZWNhcDphOm86MDYxMmMwMTJjNWFhM2ZhMGQ5M2VmNTcxMjNhNTc2NzU6NjplZGQ1OmNkY2U2NjEzNzYwZjE4ZTg3NWZiZjk1Mzc2YzIxNzYwNzk1NDE5M2VmNTM4NzFmZDY3OGNhMTJiY2Q2M2I3YWI6cDpU)
Allenby Capital Limited (Nomad and Joint Broker) +44 20 3328 5656
Nick Naylor/Alex Brearley/Piers Shimwell (Corporate Finance)
Guy McDougall/Amrit Nahal (Sales and Corporate Broking)
Shore Capital (Joint Broker) +44 20 7408 4090
Toby Gibbs/Rachel Goldstein (Corporate Advisory)
Fiona Conroy (Corporate Broking)
Novella (Financial PR)
Tim Robertson/Safia Colebrook +44 20 3151 7008
About MTI Wireless Edge Ltd. ("MTI")
Headquartered in Israel, MTI is a technology group focused on comprehensive
communication and radio frequency solutions across multiple sectors through
three core divisions:
Antenna division
MTI is a world leader in the design, development and production of high
quality, state-of-the-art, and cost-effective antenna solutions including
Smart Antennas, MIMO Antennas and Dual Polarity Antennas for wireless
applications. MTI supplies antennas for both military and commercial markets
from 100 KHz to 174 GHz.
Internationally recognized as a producer of commercial off-the-Shelf and
custom-developed antenna solutions in a broad frequency range, MTI addresses
both commercial and military applications.
MTI supplies directional and omnidirectional antennas for outdoor and indoor
deployments, including smart antennas for 5G backhaul, Broadband access,
public safety, RFID, base station and terminals for the utility market.
Military applications include a wide range of broadband, tactical and
specialized communication antennas, antenna systems and DF arrays installed on
numerous airborne, ground and naval, including submarine, platforms worldwide.
Water Control & Management division
Via its subsidiary, Mottech Water Solutions Ltd ("Mottech"), MTI provides
high-end remote control and monitoring solutions for water and irrigation
applications based on Motorola's IRRInet state-of-the-art control, monitoring
and communication technologies.
As Motorola's global prime-distributor Mottech serves its customers worldwide
through its international subsidiaries and a global network of local
distributors and representatives. With over 25 years of experience in
providing customers with irrigation remote control and management, Mottech's
solutions ensure constant, reliable and accurate water usage, increase crops
quality and yield while reducing operational and maintenance costs providing
fast ROI while helping sustain the environment. Mottech's activities are
focused in the market segments of agriculture, water distribution, municipal
and commercial landscape as well as wastewater and storm-water reuse.
Distribution & Professional Consulting Services division
Via its subsidiary, MTI Summit Electronics Ltd., MTI offers consulting,
representation and marketing services to foreign companies in the field of RF
and Microwave solutions and applications including engineering services
(including design and integration) in the field of aerostat systems and the
ongoing operation of Platform subsystems, SIGINT, RADAR, communication and
observation systems which is performed by the Company. It also specializes in
the development, manufacture and integration of communication systems and
advanced monitoring and control systems for the Government and defence
industry market.
MTI WIRELESS EDGE LTD.
(An Israeli Corporation)
INTERIM CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME
Three month period ended Year ended December 31,
March 31,
2024 2023 2022
U.S. $ in thousands
(Except per share data)
Unaudited
Revenues 11,240 11,285 45,634
Cost of sales 7,770 7,666 30,963
Gross profit 3,470 3,619 14,671
Research and development expenses 229 293 1,047
Distribution expenses 893 947 3,709
General and administrative expenses 1,231 1,324 5,278
Loss (profit) from sale of property, plant and equipment (67) (10) 13
Profit from operations 1,184 1,065 4,650
Finance expenses 238 105 342
Finance income (198) (155) (527)
Profit before income tax 1,144 1,115 4,835
Tax expenses 209 233 759
Profit 935 882 4,076
Other comprehensive income (loss) net of tax:
Items that will not be reclassified to profit or loss:
Re-measurement of defined benefit plans - - 62
Items that may be reclassified to profit or loss:
Adjustment arising from translation of financial statements of foreign (112) (98) (216)
operations
Total other comprehensive income (loss) (112) (98) (154)
Total comprehensive income 823 784 3,922
Profit attributable to:
Owners of the parent 932 894 4,045
Non-controlling interests 3 (12) 31
935 882 4,076
Total comprehensive income attributable to:
Owners of the parent 820 796 3,891
Non-controlling interests 3 (12) 31
823 784 3,922
Earnings per share (dollars)
Basic and Diluted (dollars per share) 0.0106 0.0101 0.0458
Weighted average number of shares outstanding
Basic and Diluted (dollars per share) 88,123,635 88,510,072 88,283,490
The accompanying notes form an integral part of the financial statements.
MTI WIRELESS EDGE LTD.
(An Israeli Corporation)
INTERIM CONSOLIDATED STATEMENTS OF
CHANGES IN EQUITY
For the three month period ended March 31, 2024 (Unaudited):
Attributable to owners of the parent
Share capital Additional paid-in capital Translation differences Retained earnings Total attributable to owners of the parent Non-controlling interest Total equity
U.S. $ in thousands
Balance at January 1, 2024 209 23,061 (466) 5,226 28,030 1,222 29,252
Changes during the three month period
ended March 31, 2023:
Comprehensive income
Profit for the period - - - 932 932 3 935
Other comprehensive income
Translation differences - - (112) - (112) - (112)
Total comprehensive income for the period - - (112) 932 820 3 823
Acquisition and disposal of treasury shares - (300) - - (300) - 80
Dividend - - - - - - -
Balance at March 31, 2024 209 22,761 (578) 6,158 28,550 1,225 29,775
The accompanying notes form an integral part of the financial statements.
INTERIM CONSOLIDATED STATEMENTS OF
CHANGES IN EQUITY (CONT.)
For the three month period ended March 31, 2023 (Unaudited):
Attributable to owners of the parent
Share capital Additional paid-in capital Translation differences Retained earnings Total attributable to owners of the parent Non-controlling interest Total equity
U.S. $ in thousands
Balance at January 1, 2023 209 23,078 (250) 3,775 26,812 1,226 28,038
Changes during the three month period
ended March 31, 2023:
Comprehensive income
Profit for the period - - - 894 894 (12) 882
Other comprehensive income
Translation differences - - (98) - (98) - (98)
Total comprehensive income for the period - - (98) 894 796 (12) 784
Acquisition and disposal of treasury shares - 80 - - 80 - 80
Dividend - - - - - - -
Balance at March 31, 2023 209 23,158 (348) 4,669 27,688 1,214 28,902
The accompanying notes form an integral part of the financial statements.
INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (CONT.)
For the year ended December 31, 2023 :
Attributable to owners of the parent
Share capital Additional paid-in capital Translation differences Retained earnings Total attributable to owners of the parent Non-controlling interests Total equity
U.S. $ in thousands
Balance as at January 1, 2023 209 23,078 (250) 3,775 26,812 1,226 28,038
Changes during 2023:
Comprehensive income
Profit for the year - - - 4,045 4,045 31 4,076
Other comprehensive income (loss)
Re measurements on defined benefit plans - - - 62 62 - 62
Translation differences - - (216) - (216) - (216)
Total comprehensive income (loss) for the year - - (216) 4,107 3,891 31 3,922
Dividend - - - (2,656) (2,656) - (2,656)
Acquisition of minority holdings in subsidiary - - - - - (35) (35)
Acquisition and disposal, net of treasury shares * (17) - - (17) - (17)
Balance as at December 31, 2023 209 23,061 (466) 5,226 28,030 1,222 29,252
(*) Less than US$ 1 thousand
The accompanying notes form an integral part of the financial statements.
MTI WIRELESS EDGE LTD.
(An Israeli Corporation)
INTERIM CONSOLIDATED STATEMENTS OF
FINANCIAL POSITION
31.03.2024 31.03.2023 31.12.2023
U.S. $ in thousands
Unaudited
ASSETS
CURRENT ASSETS:
Cash and cash equivalents 8,832 8,640 8,454
Trade and other receivables 12,782 10,384 14,284
Unbilled revenue 4,672 3,597 4,190
Current tax receivables 378 467 381
Inventories 7,674 7,502 7,484
34,338 30,590 34,793
NON-CURRENT ASSETS:
Long term prepaid expenses 28 32 37
Property, plant and equipment 5,479 5,415 5,398
Deferred tax assets 969 1,140 968
Intangible assets 3,467 3,819 3,507
9,943 10,406 9,910
Total assets 44,281 40,996 44,703
The accompanying notes form an integral part of the financial statements.
MTI WIRELESS EDGE LTD.
(An Israeli Corporation)
INTERIM CONSOLIDATED STATEMENTS OF
FINANCIAL POSITION
31.03.2024 31.03.2023 31.12.2023
U.S. $ In thousands
Unaudited
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Current maturities and short term bank credit and loans 436 76 314
Trade payables 6,941 5,465 7,882
Other accounts payable 4,347 3,638 4,558
Current tax payables 352 433 283
12,076 9,612 13,037
NON- CURRENT LIABILITIES:
Contingent consideration 1,117 1,432 1,117
Lease liabilities 518 206 514
Loans from banks, net of current maturities 55 91 64
Employee benefits, net 740 753 719
2,430 2,482 2,414
Total liabilities 14,506 12,094 15,451
EQUITY
Equity attributable to owners of the parent
Share capital 209 209 209
Additional paid-in capital 22,761 23,158 23,061
Translation differences (578) (348) (466)
Retained earnings 6,158 4,669 5,226
28,550 27,688 28,030
Non-controlling interest 1,225 1,214 1,222
Total equity 29,775 28,902 29,252
Total equity and liabilities 44,281 40,996 44,703
May 19, 2024
Date of approval of financial statements Moshe Borovitz Elhanan Zeira Zvi Borovitz
Chief Executive Officer Controller Non-executive Chairman of the Board
The accompanying notes form an integral part of the financial statements.
MTI WIRELESS EDGE LTD.
(An Israeli Corporation)
INTERIM CONSOLIDATED STATEMENTS OF
CASH FLOWS
Three month period ended Year ended December 31,
March 31,
2024 2023 2023
U.S. $ in thousands
Unaudited
Cash Flows from Operating Activities:
Profit for the period 935 882 4,076
Adjustments for:
Depreciation and amortization 492 326 1,511
Loss (Gain) from sale of property, plant and equipment (63) (10) (13)
Finance (income) expenses, net (14) (33) (5)
Changes in Contingent consideration and Put option liability - - (315)
Tax expenses 209 233 759
Changes in operating assets and liabilities:
Decrease (increase) in inventories (234) 247 158
Decrease (increase) in trade receivables 1,343 (181) (2,477)
Decrease (increase) in other accounts receivables 92 719 (897)
Increase in unbilled revenues (482) (1,393) (1,986)
Increase (decrease) in trade and other accounts payables 4 (1,070) (140) 3,228
Increase (decrease) in employee benefits, net 21 1 29
Cash from operations 1,229 651 4,068
Interest received 174 19 69
Interest paid (9) (10) (59)
Income tax paid (140) (122) (540)
Net cash provided by operating activities 1,254 538 3,538
The accompanying notes form an integral part of the financial statements.
MTI WIRELESS EDGE LTD.
(An Israeli Corporation)
INTERIM CONSOLIDATED STATEMENTS OF
CASH FLOWS (cont.)
Three month period ended Year ended December 31,
March 31,
2024 2023 2023
U.S. $ in thousands
Unaudited
Cash Flows From Investing Activities:
Proceeds from sale of property, plant and equipment 62 11 62
Purchase of property, plant and equipment (282) (145) (426)
Net cash used in investing activities (220) (134) (364)
Cash Flows From Financing Activities:
Dividend - - (2,656)
Payments of lease liabilities (485) (116) (485)
Treasury shares acquired (300) - (516)
Treasury shares sold - 80 499
Acquisition of non-controlling interest in subsidiary - - (35)
Receipt of loans from banks 169 - 460
Repayment of long-term loans from banks (9) 27 (247)
Net cash used in financing activities (625) (9) (2,980)
(Decrease)/Increase in cash and 409 395 194
cash equivalents during the period
Cash and cash equivalents 8,454 8,279 8,279
at the beginning of the period
Exchange differences on balances of cash and (31) (34) (19)
cash equivalents
Cash and cash equivalents 8,832 8,640 8,454
at the end of the period
The accompanying notes form an integral part of the financial statements.
MTI WIRELESS EDGE LTD.
(An Israeli Corporation)
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Note 1 - General:
Corporate information:
M.T.I Wireless Edge Ltd. (hereafter - the "Company", or collectively with its
subsidiaries, the "Group") is an Israeli corporation. The Company was
incorporated under the Companies Act in Israel on December 30, 1998 and
commenced operations on July 1, 2000. Since March 2006, the Company's shares
have been traded on the AIM market of the London Stock Exchange.
The formal address of the Company is 11 Hamelacha Street, Afek industrial
Park, Rosh-Ha'Ayin, Israel.
The Company and its subsidiaries are engaged in the following areas:
- Development, design, manufacture and marketing of antennas for the
military and civilian sectors.
- A leading provider of remote control solutions for water and
irrigation applications based on Motorola's IRRInet state of the art control,
monitoring and communication technologies.
- Providing consulting, representation and marketing services to
foreign companies in the field of RF (radio frequency) and Microwave,
including engineering services in the field of aerostat systems and system
engineering services.
- Development, manufacture and integration of communication systems
and advanced monitoring and control systems for the Government and defence
industry market.
Note 2 - Significant Accounting Policies:
The interim consolidated financial statements have been prepared in accordance
with generally accepted accounting principles for the preparation of financial
statements for interim periods, as prescribed in International Accounting
Standard No. 34 ("Interim Financial Reporting").
The interim consolidated financial information set out above does not
constitute full year-end accounts within the meaning of Israeli Companies Law.
It has been prepared on the going concern basis in accordance with the
recognition and measurement criteria of the International Financial Reporting
Standards (IFRS). Statutory financial information for the financial year ended
December 31, 2023 was approved by the board on March 10, 2024. The report of
the auditors on those financial statements was unqualified.
The interim consolidated financial statements as of March 31, 2024 have not
been audited.
The interim consolidated financial information should be read in conjunction
with the annual financial statements as of December 31, 2023 and for the year
then ended and with the notes thereto. The significant accounting policies
applied in the annual financial statements of the Company as of December 31,
2023 are applied consistently in these interim consolidated financial
statements.
Note 3 - REVENUES:
Three month period ended Year ended December 31,
March 31,
2024 2023 2023
U.S. $ in thousands
Unaudited
Revenues arise from:
Sale of goods* 8,169 8,284 32,525
Rendering of services** 1,981 1,465 7,178
Projects** 1,090 1,536 5,931
11,240 11,285 45,634
(*) at the point in time
(**) over time
Note 4 - operating SEGMENTS:
The following tables present revenue and profit information regarding the
Group's operating segments for the three month period ended March 31, 2024 and
2023 respectively and for the year ended December 31, 2023.
Three month period ended March 31, 2024 (Unaudited):
Antennas Water Solutions Distribution & Consultation Services Adjustment & Elimination Total
U.S. $ in thousands
Revenues
External 3,316 3,805 4,119 - 11,240
Internal - - 189 (189) -
Total 3,316 3,805 4,308 (189) 11,240
Segment profit (loss) 112 580 311 181 1,184
Finance expense (income), net 40
Tax expenses 209
Profit 935
March 31, 2024:
Antennas Water Solutions Distribution & Consultation Services Adjustment & Elimination Total
U.S. $ in thousands
Segment assets 17,187 12,550 12,165 - 4,902
Unallocated assets 2,379
Segment liabilities 5,133 3,961 4,559 - 13,653
Unallocated liabilities 853
Note 4 - operating SEGMENTS (CONT.):
Three month period ended March 31, 2023 (Unaudited):
Antennas Water Solutions Distribution & Consultation Services Adjustment & Elimination Total
U.S. $ in thousands
Revenues
External 2,945 4,509 3,831 - 11,285
Internal - - 88 (88) -
Total 2,945 4,509 3,919 (88) 11,285
Segment profit (loss) 117 493 336 119 1,065
Finance expense (income), net (50)
Tax expenses 233
Profit 882
March 31, 2023:
Antennas Water Solutions Distribution & Consultation Services Adjustment & Elimination Total
U.S. $ in thousands
Segment assets 16,746 10,685 11,090 - 38,521
Unallocated assets 2,475
Segment liabilities 4,417 2,415 4,649 - 11,481
Unallocated liabilities 613
Year ended December 31, 2023
Antennas Water Solutions Distribution & Consultation Eliminations Total
U.S. $ in thousands
Revenues
External 12,237 17,164 16,233 - 45,634
Inter-segment - - 344 (344) -
Total 12,237 17,164 16,577 (344) 45,634
Segment profit 841 1,986 1,552 271 4,650
Finance income, net (185)
Profit before tax 4,835
Tax expenses 759
Profit 4,076
Note 4 - operating SEGMENTS (CONT.):
December 31, 2023:
Antennas Water Solutions Distribution & Consultation Eliminations Total
U.S. $ in thousands
Segment assets 17,124 12,468 12,711 - 42,303
Unallocated assets 2,400
Segment liabilities 4,952 4,326 5,293 - 14,571
Unallocated liabilities 880
Note 5 - SIGNIFICANT EVENTS:
A. On 5 January 2024 following approval at an extraordinary shareholders
meeting, 600,000 share options were granted to Mr. Moshe (Moni) Borovitz, the
Company's Chief Executive Officer and 100,000 share options were granted to
Mr. Dov Feiner, the General Manager of the Company's Antenna division as part
of the Company's Option Plan.
B. The Board of directors decided to declare a cash dividend of 3.1 US
cents per share being approximately $2,745,000. This dividend was paid on 11
April 2024 to shareholders on the register at the close of trading on 22 March
2024.
C. The financial statements for the year ended 31 December 2023 were
authorized for issue by the board as a whole following their approval on 10
March 2024.
D. On 24 January 2019, the Company announced a share repurchase program to
conduct market purchases of ordinary shares of par value 0.01 Israeli Shekels
each ("Ordinary Shares") in the Company up to a maximum value of £150,000
(the "Programme"). Thereafter, the board of directors of the Company and the
board of directors of MTI Engineering decided to continue with the Programme
for several further periods. On 13 April 2022, the Company announced that it
would extend the Programme until 31 March 2023, with the Programme having an
increased maximum value of up to £200,000 and with the Programme being
managed by Shore Capital Stockbrokers Limited pursuant to the terms as
announced. On 10 March 2024 the board of directors of the Company and the
board of directors of MTI Engineering decided to extend the Programme
effective from 12 March 2024 until 31 March 2025 and to increase the maximum
value of the Programme up to £700,000, with the intention to hold the
Ordinary Shares purchased for a longer period of time. As at 31 December 2023,
220,000 Ordinary Shares were held in treasury under the Programme, and as at
10 March 2024, 470,000 Ordinary Shares were held in treasury under the
Programme.
E. On 20 March 2024 at the Company's extraordinary meeting, Mrs. Hani
Lerman was elected as an external non-executive director.
F. On 7 October 2023 Israel was attacked by the Hamas terror organization
leading to war in the Gaza region. The war has led to a slowdown in the
Israeli economy and if this war continues for a prolonged period, then it may
begin to impact the Company. The wide usage of military reserve personnel,
adverse foreign currency exchange rates and restrictions on access to certain
areas in Israel are risks which may affect the Company if there is a prolonged
period of war. As of the date of this report, and to the best of the Company's
knowledge, the war has not had a significant effect on the Company. The
Company continues to review the effects of the war on its trading as it
believes that if the war continues for a long period of time then the overall
Israeli economy will be effected, and factors including the lack of available
manpower, interest rates and foreign currency exchange rates may have an
impact on its trading.
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