Q3 2024 Financial Results and Directorate Change
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Q3 2024 Financial Results
and
Directorate Change
Well-positioned for the full-year and beyond, with a valuable and growing pipeline of opportunities across the business divisions particularly driven by defence and 5G
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 nine-month period ended 30 September 2024 (the "Period").
Financial highlights
- Revenues for the Period were stable at $33.7m (nine months to 30 September 2023: $33.7m)
- 10% improvement in net profit to $3.1m (nine months to 30 September 2023: $2.8m), helped by increases in financial income and lower tax rates
- 11% increase in earnings per share to 3.60 US cents (nine months to 30 September 2023: 3.25 US cents)
- Strong balance sheet with net cash of $4.9m as at 30 September 2024 (30 September 2023: $6.4m) after using $1.1m to repurchase shares of the Company under its buyback programme
- Final dividend anticipated to be declared alongside MTI's full year results which will be announced during the first quarter of 2025
Operational highlights
- The Group continues to operate successfully and deliver a stable level of sales combined with growing profitability
- Antenna division performed well, driven by 5G and defence led sales
o Significant pick-up in sales of the Company's 5G backhaul solution in India during the second half of 2024, driven by new orders from a leading cellular service provider
o Increased demand for military antennas globally expected to continue to be strong into 2025
o Overall, the division is well placed for both the remainder of 2024 and beyond, with a healthy backlog of orders and a number of submitted tenders awaiting responses
Mottech delivered a good third quarter
o Positive performance in North America, South Africa and Israel, which has remained stable despite the unrest in the Middle East
o Sales into Europe were behind last year, however, a valuable and growing pipeline of opportunities is in place
o Growing awareness amongst European countries of the need to manage and conserve water as an important resource
o China office closed as market demand remains unstable - all related costs were incurred in Q3 2024
o Sales in the quarter were 6% ahead of Q3 2023 but for the nine months they were slightly behind the prior year, but with good prospects for growth in 2025
MTI Summit experienced a relatively slow third quarter
o Sales were held back due to shipping delays from vendors
o With shipments now expected to be back on track, sales in Q4 2024 are expected to benefit, together with a significant backlog in orders
o Strategic agreement for the distribution business is operating well and has been extended until mid-2026
o PSK's performance continued to be slow, but is expected to improve following the cost saving initiatives taken over the Summer combined with new business prospects
Directorate change
The Company today also announces that Dov Feiner, Executive Board Director and General Manager of the Antenna Division will become a Non-Executive Director of the Company and step down from his role as General Manager at the end of April 2025. Dov, who is aged 68 has worked in the Company for over 35 years, will be retiring from full-time employment. Eran Shmulinson, currently Vice President of Sales and Marketing for the Antenna Division will succeed Dov as General Manager of the Antenna Division, in a non-Board role.
Moni Borovitz, Chief Executive Officer of MTI Wireless Edge, said:
"We have completed a successful third quarter and we are well placed for the full-year and beyond. This was a good achievement, especially given the current regional conflicts and the associated uncertainty this creates. As shown in these results, the business has not been significantly affected, our partners and customers are focused on continuing as normal and I am proud to report that our internal teams have remained positive, determined and highly adaptable to managing any necessary changes. This has allowed us to move our ABS antenna solution, which has been granted a patent, into pre-production stage and introduce our own Elite Pro wireless irrigation controller to offer to Mottech's customers. Both products have superior technology and are key for our future growth.
"Defence is one of our three key sectors and global demand has been high, reflecting the concerns of many Governments regarding the more unstable world we now live in, a trend which is expected to continue. 5G is another key sector where we have received significant demand for our products from India and elsewhere, and there is substantial further potential from this market and others. Due to climate change, managing water as a key resource is becoming a higher priority for European countries who previously have taken water for granted. We believe this will open up new opportunities for Mottech.
"This, together with our strong net cash position, means the Company is well placed. Q4 has begun well and we anticipate continuing to grow the business and delivering an attractive return to our shareholders.
"Finally, on behalf of the Board I would like to express our heartfelt thanks to Dov Feiner who has successfully led the Antenna Division for many years, been a significant presence across the whole business and provided valuable counsel at Board level. We are grateful for the work he has done and are delighted that he has agreed to continue to work with us in a Non-Executive role when he steps down as the General manager of the Antenna Division in April next year."
Antenna division
Water Control & Management division
Distribution & Professional Consulting Services division
MTI WIRELESS EDGE LTD.
(An Israeli Corporation)
INTERIM CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME
| Nine month period ended September 30, | Year ended December 31, | ||
|---|---|---|---|
| 2024 | 2023 | 2023 | |
| U.S. $ in thousands (Except per share data) | |||
| Unaudited | |||
| Revenues | 33,743 | 33,724 | 45,634 |
| Cost of sales | 23,122 | 22,815 | 30,963 |
| Gross profit | 10,621 | 10,909 | 14,671 |
| Research and development expenses | 731 | 794 | 1,047 |
| Distribution expenses | 2,518 | 2,814 | 3,709 |
| General and administrative expenses | 3,954 | 3,757 | 5,278 |
| Loss (profit) from sale of property, plant and equipment | (58) | (8) | 13 |
| Profit from operations | 3,476 | 3,552 | 4,650 |
| Finance expenses | 21 0 | 245 | 342 |
| Finance income | (305) | (116) | (527) |
| Profit before income tax | 3,571 | 3,423 | 4,835 |
| Income tax expenses | 500 | 569 | 759 |
| Profit | 3,071 | 2,854 | 4,076 |
Other comprehensive income (loss) net of tax:
Items that will not be reclassified to profit or loss:
| Nine month period ended September 30, | Year ended December 31, | ||
|---|---|---|---|
| 2024 | 2023 | 2023 | |
| 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 operations | (26) | (288) | ( 216 ) |
| Total other comprehensive loss | (26) | (288) | ( 154 ) |
| Total comprehensive income | 3,045 | 2,566 | 3,922 |
| Profit (loss) attributable to: | |||
| Owners of the parent | 3,151 | 2,868 | 4,045 |
| Non-controlling interests | (80) | (14) | 31 |
| 3,071 | 2,854 | 4,076 | |
| Total comprehensive income (loss) attributable to: | |||
| Owners of the parent | 3,125 | 2,580 | 3,891 |
| Non-controlling interests | (80) | (14) | 31 |
| 3,045 | 2,566 | 3,922 | |
| Earnings per share (dollars) | |||
| Basic and Diluted (dollars per share) | 0.0360 | 0. 0325 | 0.0458 |
| Weighted average number of shares outstanding | |||
| Basic (dollars per share) | 87,472,764 | 88,332,198 | 88,283,490 |
| Diluted (dollars per share) | 87,511,080 | 88,332,198 | 88,283,490 |
The accompanying notes form an integral part of the financial statements.
INTERIM CONSOLIDATED STATEMENTS OF
CHANGES IN EQUITY
For the nine month period ended September 30, 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 nine month period ended September 30, 2024:
Comprehensive income
| Share capital | Additional paid-in capital | Translation differences | Retained earnings | Total attributable to owners of the parent | Non-controlling interest | Total equity | |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period | - | - | - | 3,151 | 3,151 | (80) | 3,071 |
| Other comprehensive loss | |||||||
| Translation differences | - | - | (26) | - | (26) | - | (26) |
| Total comprehensive income (loss) for the period | - | - | (26) | 3,151 | 3,125 | (80) | 3,045 |
| Acquisition and disposal of treasury shares | * | (1,024) | - | - | (1,024) | - | (1,024) |
| Share based payment | - | 79 | - | - | 79 | - | 79 |
| Dividend | - | - | - | (2,745) | (2,745) | - | (2,745) |
| Balance at September 30, 2024 | 209 | 22,116 | (492) | 5,632 | 27,465 | 1,142 | 28,607 |
(*) Less than US$ 1 thousand
The accompanying notes form an integral part of the financial statements.
INTERIM CONSOLIDATED STATEMENTS OF
CHANGES IN EQUITY (CONT.)
For the nine month period ended September 30, 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 nine month period ended September 30, 2023:
Comprehensive income
| Share capital | Additional paid-in capital | Translation differences | Retained earnings | Total attributable to owners of the parent | Non-controlling interest | Total equity | |
|---|---|---|---|---|---|---|---|
| Profit for the period | - | - | - | 2,868 | 2,868 | (14) | 2,854 |
| Other comprehensive income | |||||||
| Translation differences | - | - | (288) | - | (288) | - | (288) |
| Total comprehensive income for the period | - | - | (288) | 2,868 | 2,580 | (14) | 2,566 |
| Acquisition and disposal of treasury shares | * | (27) | - | - | (27) | - | (27) |
| Dividend | - | - | - | (2,656) | (2,656) | - | (2,656) |
| Acquisition of a non-controlling interest in subsidiary | - | - | - | - | - | (45) | (45) |
| Balance at September 30, 2023 | 209 | 23,051 | (538) | 3,987 | 26,709 | 1,167 | 27,876 |
(*) Less than US$ 1 thousand
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 |
The accompanying notes form an integral part of the financial statements.
MTI WIRELESS EDGE LTD.
(An Israeli Corporation)
INTERIM CONSOLIDATED STATEMENTS OF
FINANCIAL POSITION
| 30.09.2024 | 30.09.2023 | 31.12.2023 | |
| U.S. $ in thousands | |||
| Unaudited | |||
| ASSETS | |||
| CURRENT ASSETS: | |||
| Cash and cash equivalents | 5,144 | 6,655 | 8,454 |
| Trade and other receivables | 13,850 | 11,697 | 14,284 |
| Unbilled revenue | 4,874 | 4,407 | 4,190 |
| Current tax receivables | 291 | 409 | 381 |
| Inventories | 8,122 | 7,365 | 7,484 |
| 32,281 | 30,533 | 34,793 | |
| NON-CURRENT ASSETS: | |||
| Long term prepaid expenses | 31 | 39 | 37 |
| Property, plant and equipment | 5,339 | 4,987 | 5,398 |
| Deferred tax assets | 1,020 | 1,072 | 968 |
| Intangible assets | 3,388 | 3,739 | 3,507 |
| 9,778 | 9,837 | 9,910 | |
| Total assets | 42,059 | 40,370 | 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
| 30.09.2024 | 30.09.2023 | 31.12.2023 | |
| U.S. $ In thousands | |||
| Unaudited | |||
| LIABILITIES AND EQUITY | |||
| CURRENT LIABILITIES: | |||
| Current maturities and short term bank credit and loans | 250 | 198 | 314 |
| Trade payables | 6,163 | 5,684 | 7,882 |
| Other accounts payable | 4,261 | 3,817 | 4,558 |
| Current tax payables | 289 | 422 | 283 |
| 10,963 | 10,121 | 13,037 | |
| NON- CURRENT LIABILITIES: | |||
| Contingent consideration | 1,117 | 1,432 | 1,117 |
| Lease liabilities | 509 | 150 | 514 |
| Loans from banks, net of current maturities | 75 | 52 | 64 |
| Employee benefits, net | 788 | 739 | 719 |
| 2,489 | 2,373 | 2,414 | |
| Total liabilities | 13,452 | 12,494 | 15,451 |
| EQUITY | |||
| Equity attributable to owners of the parent | |||
| Share capital | 209 | 209 | 209 |
| Additional paid-in capital | 22,116 | 23,051 | 23,061 |
| Translation differences | (492) | (538) | (466) |
| Retained earnings | 5,632 | 3,987 | 5,226 |
| 27,465 | 26,709 | 28,030 | |
| Non-controlling interest | 1,142 | 1,167 | 1,222 |
| Total equity | 28,607 | 27,876 | 29,252 |
| Total equity and liabilities | 42,059 | 40,370 | 44,703 |
| Date of approval of financial statements | Moshe Borovitz Chief Executive Officer | Elhanan Zeira Controller | Zvi Borovitz Non-executive Chairman of the Board |
The accompanying notes form an integral part of the financial statements.
INTERIM CONSOLIDATED STATEMENTS OF
CASH FLOWS
| Nine month period ended September 30, | Year ended December 31, | ||
|---|---|---|---|
| 2024 | 2023 | 2023 | |
| U.S. $ in thousands | |||
| Unaudited | |||
| Cash Flows from Operating Activities: | |||
| Profit for the period | 3,07 1 | 2,854 | 4,076 |
| Adjustments for: | |||
| Depreciation and amortization | 1,2 91 | 956 | 1,511 |
| (Gain) from sale of property, plant and equipment | (56) | (6) | (13) |
| Finance (income), net | (469) | (86) | (5) |
| Changes in Contingent consideration | - | - | (315) |
| Tax expenses | 500 | 569 | 759 |
| Changes in operating assets and liabilities: | |||
| Decrease (increase) in inventories | (626) | 258 | 158 |
| Decrease (increase) in trade receivables | (7) | (830) | (2,477) |
| Decrease (increase) in other accounts receivables | 361 | (191) | (897) |
| Increase in unbilled revenues | (684) | (2,129) | (1,986) |
| Increase (decrease) in trade and other accounts payables | (1,870) | 517 | 3,228 |
| Increase (decrease) in employee benefits, net | 69 | (13) | 29 |
| Cash from operations | 1,580 | 1,899 | 4,068 |
| Interest received | 69 | 46 | 69 |
| Interest paid | (61) | (23) | (59) |
| Income tax paid (received) | (453) | (344) | (540) |
| Net cash provided by operating activities | 1, 135 | 1,578 | 3,538 |
The accompanying notes form an integral part of the financial statements.
INTERIM CONSOLIDATED STATEMENTS OF
CASH FLOWS (cont.)
| Nine month period ended September 30, | Year ended December 31, | ||
|---|---|---|---|
| 2024 | 2023 | 2023 | |
| U.S. $ in thousands | |||
| Unaudited | |||
| Cash Flows From Investing Activities: | |||
| Proceeds from sale of property, plant and equipment | 56 | 39 | 62 |
| Purchase of property, plant and equipment | (486) | (229) | (426) |
| Net cash used in investing activities | (430) | (190) | (364) |
| Cash Flows From Financing Activities: | |||
| Dividend | (2,745) | (2,656) | (2,656) |
| Payments of lease liabilities | (485) | (328) | (485) |
| Treasury shares acquired | (1, 02 4) | (362) | (516) |
| Treasury shares sold | - | 335 | 499 |
| Employee options issuance | 79 | - | - |
| Acquisition of non-controlling interest in subsidiary | - | (45) | (35) |
| Short-term loans and credit line received from banks | 168 | 136 | 460 |
| Repayment of long-term loans from banks | (9) | (10) | (247) |
| Net cash used in financing activities | (4,016) | (2,930) | (2,980) |
| (Decrease) Increase in cash and cash equivalents during the period | (3,311) | (1,542) | 194 |
| Cash and cash equivalents at the beginning of the period | 8,454 | 8,279 | 8,279 |
| Exchange differences on balances of cash and cash equivalents | 1 | (82) | (19) |
| Cash and cash equivalents at the end of the period | 5,144 | 6,655 | 8,454 |
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:
The Company and its subsidiaries are engaged in the following areas:
- Development, design, manufacture and marketing of antennas for the military and civilian sectors.
Note 2 - Significant Accounting Policies:
The interim consolidated financial statements as of September 30, 2024 have not been audited.
On April 9, 2024, the IASB published IFRS 18 'Presentation and Disclosure in Financial Statements' which replaces IAS 1 Presentation of Financial Statements and is mandatorily effective for annual reporting periods beginning on or after January 1st, 2027. The main changes are as follows:
Note 2 - Significant Accounting Policies - (CONT.):
- Mandatory sub totals to be presented in the profit and loss account.
- Aggregation and disaggregation of information including the introduction of overall principles for how information should be aggregated and disaggregated in financial statements.
- Disclosures related to management defined performance measures (MPMs).
The Company is currently assessing the impact of this new accounting standard and amendment.
Note 3 - REVENUES:
| Nine month period ended September 30, | Year ended December 31, | ||
|---|---|---|---|
| 2024 | 2023 | 2023 | |
| U.S. $ in thousands | |||
| Unaudited | |||
| Revenues arise from: | |||
| Sale of goods* | 23 ,7 74 | 23,630 | 32,525 |
| Rendering of services** | 6,027 | 5,189 | 7,178 |
| Projects** | 3 ,9 4 2 | 4 , 905 | 5,931 |
| 33,743 | 33,724 | 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 nine month period ended September 30, 2024 and 2023 respectively and for the year ended December 31, 2023.
Nine month period ended September 30, 2024 (Unaudited):
| Antennas | Water Solutions | Distribution & Consultation Services | Adjustment & Elimination | Total | |
|---|---|---|---|---|---|
| U.S. $ in thousands | |||||
| Revenues | |||||
| External | 10,225 | 12,345 | 11,173 | - | 33,743 |
| Internal | - | - | 227 | (227) | - |
| Total | 10,225 | 12,345 | 11,400 | (227) | 33,743 |
| Segment profit | 1,010 | 1,804 | 285 | 377 | 3,476 |
| Finance (income), net | (94) | ||||
| Tax expenses | 500 | ||||
| Profit | 3,070 | ||||
| Note 4 - operating SEGMENTS (CONT.): | |||||
| September 30, 2024 (Unaudited): | |||||
| Antennas | Water Solutions | Distribution & Consultation Services | Adjustment & Elimination | Total | |
| U.S. $ in thousands | |||||
| Segment assets | 15,719 | 12,695 | 11,325 | 39,739 | |
| Unallocated assets | 2,320 | ||||
| Segment liabilities | 4,562 | 4,184 | 4,248 | 12,994 | |
| Unallocated liabilities | 778 | ||||
| Nine month period ended September 30, 2023 (Unaudited): | |||||
| Antennas | Water Solutions | Distribution & Consultation Services | Adjustment & Elimination | Total | |
| U.S. $ in thousands | |||||
| Revenues | |||||
| External | 8,917 | 13,006 | 11,801 | - | 33,274 |
| Internal | - | - | 201 | (201) | - |
| Total | 8,917 | 13,006 | 12,002 | (201) | 33,724 |
| Segment profit | 560 | 1,457 | 1,230 | 305 | 3,552 |
| Finance expense, net | 129 | ||||
| Tax expenses | 569 | ||||
| Profit | 2,854 | ||||
| September 30, 2023 (Unaudited): | |||||
| Antennas | Water Solutions | Distribution & Consultation Services | Adjustment & Elimination | Total | |
| U.S. $ in thousands | |||||
| Segment assets | 15,136 | 11,263 | 11,532 | - | 37,931 |
| Unallocated assets | 2,439 | ||||
| Segment liabilities | 3,834 | 3,707 | 4,460 | - | 12,001 |
| Unallocated liabilities | 493 | ||||
| Note 4 - operating SEGMENTS (CONT.): | |||||
| Year ended December 31, 2023 | |||||
| Antennas | Water Solutions | Distribution & Consultation | Eliminations | Total | |
| U.S. $ in thousands | |||||
| Revenues | |||||
| External | 12,237 | 17,164 | 16,23 3 | - | 45,634 |
| Inter-segment | - | - | 344 | (344) | - |
| Total | 12,237 | 17,164 | 16,577 | (344) | 45,634 |
| Segment profit | 84 1 | 1,986 | 1,552 | 27 1 | 4,65 0 |
| Finance income, net | (185) | ||||
| Tax expenses | 759 | ||||
| Profit | 4,076 | ||||
| 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:
- On January 5, 2024, following approval at an extraordinary shareholders' meeting, the Company granted 600,000 share options to Mr. Moshe (Moni) Borovitz, the Chief Executive Officer, and 100,000 share options to Mr. Dov Feiner, the General Manager of the Company's Antenna Division. The expense for share-based payments (such as stock options) typically appears on the income statement as part of the Company's operating expenses.
- The Board of directors declared 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.
- 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") and 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
Note 5 - SIGNIFICANT EVENTS (CONT.):
12 March 2024 until 31 March 2025 and to increase the maximum value of the Programme to up to £700,000, with the intention to hold the Ordinary Shares purchased for a longer period of time. On 20 August 2024 the Board of directors of the Company and the board of directors of MTI Engineering decided to increase the maximum value of the Programme to up to £1,000,000, repeating the intention to hold the Ordinary Shares purchased for a longer period of time. As at 30 September 2024, 2,108,000 Ordinary Shares were held in treasury under the Programme. As of the date of this report, 2,243,000 Ordinary Shares were held in treasury under the Programme.
- On 20 March 2024 at the Company's extraordinary meeting, Mrs. Hani Lerman was elected as an external non-executive director.
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