Business
Mobilicom Reports Financial Results for the Six Months Ended June 30, 2024; Revenues Up 232%
Strong cash position and growing revenues driven by initial production scale orders from U.S. and Israeli Tier-1 customers as gross margins and OPEX remain
About this update from Mobilicom Limited
[{"type":"text","content":"Strong cash position and growing revenues driven by initial production scale orders from U.S. and Israeli Tier-1 customers as gross margins and OPEX remain consistent, demonstrating business model scalability\nSHOHAM, Israel, Sept. 09, 2024 (GLOBE NEWSWIRE) -- Mobilicom Limited (Nasdaq: MOB, MOBBW), a provider of cybersecurity and robust solutions for drones and robotics, today announced its financial results and operational highlights for the six months ended June 30, 2024. Financial Highlights for the Six Months Ended June 30, 2024 Revenues increased 232% year-over-year to $1.8 million driven by initial production scale orders from U.S. and Israeli Tier-1 customersOPEX remained steady, while H1 2024 revenue surged by approximately 3.3 times, pointing to the Company’s ability to ramp sales without increasing operational costsOperating net burn rate for the six months ended June 30, 2024 was $1.1 million averaging approximately $180,000 per monthStrong cash position of $10 million with narrowing monthly burn rate affords Mobilicom a long cash runway to implement its strategic plans, capture market share, and further ramp revenuesEBITDA improved by 37% to $(1.5) million compared to $(2.4) for the first six months of 2023Gross margin remained high at 56%, reflecting strong high-end IP based technology and effective components costs-reduction planningConfirmed order backlog as of June 30, 2024 was $700,000 and it is expected be fulfilled in the second half of 2024; Backlog increased substantially following the end of H1 Recent Operational Highlights Received follow-on initial production scale orders from one of the largest U.S. drone manufacturers for SkyHopper PRO to be sold to the U.S. Department of Defense (DoD); Additional larger orders expected as the drone manufacturer successfully competes and wins new government tenders for drones that may be integrated with our solutionReceived follow-on initial production scale order from one of the world’s largest loitering munitions providers, a prime vendor for Lockheed Martin and lead vendor for the European Union and NATO member countriesMobilicom’s combat-proven ICE Cybersecurity and SkyHopper Pro datalinks selected by Israel’s Ministry of Defense for its small-sized drone programCompleted successful integration with Airbus in a collaboration that yields successful proof-of-concept ...