Year 2022 in Short

The Net Sales of 2022 Decreased by 5.1% from the Previous Year

Net sales were EUR 82.5 million (EUR 86.9 million), representing a 5.1 percent decrease year-on-year.
The share of product-based net sales was EUR 57.4 million (EUR 63.1 million), representing 69.6 percent of the net sales. The share of Medical Technologies products was EUR 22.6 million (EUR 27.8 million), and the share of Defense & Security products was EUR 34.8 million (EUR 35.3 million).
The share of services-based net sales was EUR 25.1 million (EUR 23.8 million), representing 30.4 percent of the net sales. The share of Connectivity Solutions R&D services was EUR 15.2 million (EUR 15.5 million).
EBITDA was EUR 11.0 million (EUR 13.7 million).
Operating result was EUR 0.3 million (EUR 3.2 million).
Result for the period was EUR 0.3 million, and earnings per share were EUR 0.007 (result for the period EUR 3.3 million and earnings per share EUR 0.093).
Cash flow from operating activities was EUR 8.0 million (EUR 8.3 million).
Net cash flow was EUR -3.0 million (EUR -2.6 million).
The order backlog was EUR 28.1 million (EUR 29.5 million)
The Board of Directors of Bittium Corporation proposes to the Annual General Meeting of shareholders to be held on April 12, 2023, resolve to pay EUR 0.05 per share as a dividend based on the adopted balance sheet for the financial period of January 1–December 31, 2022.

Bittium´s net sales in January–December 2022 decreased by 5.1 percent year-on-year to EUR 82.5 million (EUR 86.9 million).

The share of product-based net sales was EUR 57.4 million (EUR 63.1 million), representing 69.6 percent of the net sales. The share of Medical Technologies products was EUR 22.6 million (EUR 27.8 million) and the share of Defense & Security products and systems was EUR 34.8 million (EUR 35.3 million). The decline in product-based net sales was caused by component availability difficulties.

The share of services-based net sales was EUR 25.1 million (EUR 23.8 million), representing 30.4 percent of the net sales. The share of Connectivity Solutions R&D
services was EUR 15.2 million (EUR 15.5 million), resulting mainly from R&D services for wireless telecommunication customers.

EBITDA was EUR 11.0 million (EUR 13.7 million).

R&D investments were EUR 22.3 million (EUR 19.8 million), representing 27.0 percent of net sales (22.8 percent) of which EUR 6.6 million were capitalized in the balance sheet, being EUR 0.4 million less than a year ago.

The operating result in January–December 2022 was EUR 0.3 million (EUR 3.2 million). The weakening of the operating result was especially caused by the temporary decrease in the net sales of the Medical Technologies product business due to the component shortage and the continued investments in sales and marketing, and product development to ensure the future growth of the business.

Cash flow from operating activities was EUR 8.0 million (EUR 8.3 million).Net cash flow during the period was EUR -3.0 million, including the most significant items EUR 6.6 million R&D investments into own products and EUR 1.4 million dividend payment (EUR -2.6 million, including the most significant item EUR 7.0 million R&D investments into own products, and EUR 1.1 million dividend payment).

The equity ratio was 69.7 percent (72.4 percent).

Net gearing was 3.0 percent (0.2 percent).

The order backlog at the end of the year was EUR 28.1 million (EUR 29.5 million).