Plover Bay Technologies Ltd. · HKEX:1523
Plover Bay Technologies — FY2024 Earnings Presentation
23 slides from Plover Bay Technologies's earnings presentation, Feb 27, 2025
Slide 1: Enabling Supercharged Connectivity - Annual Results 2024
Enabling Supercharged Connectivity Annual Results 2024 27 February, 2025
Slide 2: Our Vision, Who Are We, Key Facts
Our Vision We make connectivity reliable, anytime, anywhere Who Are We? Plover Bay Technologies Limited (stock code: 1523 HK) develops networking Key Facts technologies that enable supercharged connectivity. By combining fixed, mobile and satellite connectivity, users can build always-on networks any
Slide 3: What is Connectivity?
Expectation ● Connectivity should be simple ● Connectivity should always work ● Connectivity should be cost effective ● Connectivity should be easily accessible What is Connectivity? Reality ● Existing solutions overcomplicate ● Fixed lines cannot reach everywhere ● Mobile is not 100% reliable ● The
Slide 4: SpeedFusion: Supercharging Connectivity
What We Do Supercharging Connectivity Connectivity Software & Cloud Services Connectivity Software & Cloud Services Supercharged Fiber/ Consumer Broadband 5G/LTE SpeedFusion ● Faster, more reliable network ● Deploy anywhere Passion Driven ● Enable new use cases Partner Community Private LEO 5G/LTE S
Slide 5: Supercharged Connectivity Progress: Product Improvements
Supercharged Connectivity Progress Our Products Continues to Improve Key Advances in Firmware Enterprise Class SpeedFusion Edge Computing Integration Streamlined Starlink Management Achieved Improvements in Docker Management More Starlink Functionalities Available Scale and Performance in InControl
Slide 6: Peplink-Starlink Collaboration
Supercharged Connectivity Progress Peplink-Starlink Collaboration Success Stories Expanding Offerings Royal Caribbean Group Uses Peplink and Starlink to tackle slower speeds, congestion, and coverage issues for a Southeast Alaska community and its visiting guests. Contrivian During Palisades Fires R
Slide 7: Growing Partner Ecosystem
Supercharged Connectivity Progress Growing Partner Ecosystem Launched Reseller Network “Better Together” Programs & Community Growth Authorized Peplink & Starlink Solution Providers Peplink Tech Summit Orlando US, 2024 ANZ Peplink Summit +18% Mortdale, Australia, 2024 Number of New Partners T-Mobile
Slide 8: Growing Deployment Scale
Supercharged Connectivity Progress Growing Deployment Scale Australia’s NSW Rural Fire Service deployed a new Vehicle as a Node (VaaN) solution, using Peplink and Starlink to eliminate communication black spots in rural and remote areas, while enabling live data streaming and sharing. The success of
Slide 9: Market Trend and Product Roadmap: Edge Computing
Market Trend and Product Roadmap Edge Computing Data Processing Nodes Applications With the advancements in computing power , edge routers will likely become data processing nodes to reduce dependence on centralized cloud servers. Edge Computing Ready IoT Operations Peplink routers will evolve into
Slide 10: Market Trend and Product Roadmap: Fixed Wireless Access
Market Trend and Product Roadmap Fixed Wireless Access Market FWA Adoption by Businesses New FWA-Centric Products and Subscriptions FWA is becoming more common in homes and small offices. Connectivity costs have come down significantly making it very feasible to combine multiple Multi-WAN Routers for F
Slide 11: Investment Highlights: Growing Need for Better Connectivity
Investment Highlights 1. Growing Need for Better Connectivity Market trends from 2023 to 2030: ● Number of IoT connections increasing at 16% CAGR¹ ● Mobile data traffic expected to increase at 19% CAGR¹ ● 4G & 5G FWA connections expected to grow from 130 million to 330 million¹ New growth opportunitie
Slide 12: Investment Highlights: Growing Peplink Ecosystem
Investment Highlights 2. Growing Peplink Ecosystem Access to a Wide Range of Industry Verticals Subscription-Enabled Top 10 Verticals by Number of Deals Won (Jan to Dec 2024) Convenience Features Proprietary Connectivity Technologies Enterprise* 24% SpeedFusion Public Services** 18% Maritime 12% Pub
Slide 13: Investment Highlights: Growing Recurring Revenue Pipeline
Investment Highlights 3. Growing Recurring Revenue Pipeline Strategies to drive subscription growth: ● Grow user base with capable devices at competitive price points ● New features and convenience to drive subscription rates among router users ● Expand SpeedFusion beyond routers Strong subscription
Slide 14: Annual Results 2024
technologies Annual Results 2024 eee ee
Slide 15: Financial Summary
Financial Summary Financial summary Year ended 31 December YoY growth (US$’000, unless otherwise stated) 2023 2024 (%) Revenue 94,259 116,791 +23.9% Gross profit 50,913 64,149 +26.0% Other income & gains, Operating expenses, and Finance cost (17,963) (18,823) +4.8% Profit before tax 32,950 45,326 +37.
Slide 16: Revenue by Product Segment
Revenue by Product Segment Segment Year ended 31 December YoY Growth (US$’000) 2023 2024 (%) Comments Fixed First Connectivity 14,589 17,147 +17.5% General strong demand from high-volume product lines Mobile First Connectivity 49,393 66,178 +34.0% Additional contribution from reselling third party L
Slide 17: Recurring Revenue
Recurring Revenue Year ended 31 December Recurring Revenue highlights Recurring vs Non-recurring (US$’000) 2023 2024 ● Recurring revenue increased accounted for 27.6% of total sales Non-recurring revenue 65,579 84,554 ● Devices with a subscription at December 2024 increased 33.7% YoY ● Dollar amount
Slide 18: Revenue by Region
Revenue by Region Region Year ended 31 December Growth US$ thousands 2023 2024 (YoY) North America 54,386 74,760 +37.5% EMEA 27,536 29,064 +5.5% Asia 9,976 8,756 -12.2% Others 2,361 4,211 +78.4% Total 94,259 116,791 +23.9% 18
Slide 19: Gross Margin
Gross Margin Continued margin improvement during the period ● Gross margin has increased from 54.0% in FY23 to 54.9% in FY24 ● Gross margin improved due to: ○ Cost down on Fixed First & Wireless First products ○ Concentrated product portfolio enabling economies of scale 19
Slide 20: Operating Expenses
Operating Expenses Operating expenses Year ended 31 December % of revenue (US$’000) 2023 2024 2023 2024 Selling & Distribution expenses 3,544 4,348 3.8% 3.7% General & admin expenses 7,021 7,746 7.4% 6.6% Research & development 8,411 8,495 8.9% 7.3% Total Opex 18,976 20,589 20.1% 17.6% 20
Slide 21: Balance Sheet and Cash Flow Highlights
Balance Sheet and Cash Flow Highlights Balance Sheet Summary As at 31 December Working capital turnover days As at 31 December (US$"000) 2023 2024 (Number of days) 2023 2024 Trade and other receivables 22,385 20,182 Trade and other receivables 72 days 67 days Inventories 16,938 16,160 Inventories 20
Slide 22: Revenue Recognition of Different Segments
Appendix Revenue Recognition of Different Segments Segment Product / service Description Revenue Model Enterprise routers Fixed First Connectivity Network switches ~85% of selling price non-recurring ● Hardware plus 12 months’ embedded warranty and access to software Mobile routers features ~15% of
Slide 23: Thank You
Thank You Disclaimer Plover Bay Technologies Limited is listed on the Hong Kong Stock Exchange (Ticker: 1523 HK). Plover Bay Technologies Limited is incorporated in the Cayman Islands with limited liability. The information contained in this presentation is intended solely for your personal referenc
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