u-blox Reports First Half 2023 Results with Double-Digit Revenue Growth - Seite 2

H1 2023 operational highlights

Automotive

• We secured a design-win in autonomous driving with a leading car manufacturer valued in the mid double-digit million CHF range over the life of the agreement with deliveries expected to commence in 2026.
• JODY-W5 is u-blox's newest dual-band Wi-Fi 6 and dual-mode Bluetooth® 5.3 module. This automotive-grade module with Bluetooth LE audio in a compact form factor is ideal for preventing wireless network congestion in the car and delivering enhanced audio functionalities.

Industrial

• We formed an exclusive partnership with Orbcomm, an American supplier of satellite connectivity, modems and terminals to the industrial IoT market. Such connectivity is essential for application in areas with weak communication infrastructure thus assuring ubiquitous connectivity. u-blox will be able to cover Orbcomm's satellite protocols and 3GPP LTE-M needs, at attractive cost.
• We also launched NEO-F9P and ZED-F9P-15B: The low-power, small-sized NEO-F9P module supports precise navigation and automation of moving industrial machinery. Our ZED-F9P-15B module provides customers in the mobile robotics market with an L1/L5 frequency bands in addition to L1/L2 option bands for enhanced functional robustness.

Financial overview

In the first half of 2023, u-blox generated revenues of CHF 332.3 million, an EBIT (adjusted) of CHF 61.7 million and net profit (adjusted) of CHF 48.3 million. Revenues in most regions and markets were higher compared to the first half of 2022, reflecting strong and broad-based expansion of overall demand for existing and new products, from both automotive and industrial target markets. Foreign currency exchange (FX) rates had a negative effect of -2.1% on revenue, mainly from the weakening of the US Dollar versus the Swiss Franc.

Revenues by region

• APAC: revenues in the first half of 2023 increased strongly to CHF 144.6 million from
  CHF 114.5 million in the same period last year (+26.3%) mainly driven by good demand from automotive customers, safety stock build-up for a healthcare customer and deliveries of the 2022 order backlog.
• EMEA: in the first six months of 2023 revenues amounted to CHF 105.7 million, up from
  CHF 83.6 million one year earlier (+26.4%) primarily thanks to a ramp up of the tracking business and deliveries of the 2022 order book.
• AMEC: revenues in the year to June reached CHF 82.0 million compared to CHF 96.3 million in the first half of 2022 (-14.8%) and are lower primarily due to a demand reduction in healthcare and consumer applications.

Revenues by market