Production scale order from a U.S. based Tier-1 defense & drone manufacturer for Mobilicom's solution integration into drone platforms deployed with a growing slate of end-users Shoham, Israel, May 28, 2024 (GLOBE NEWSWIRE) -- Mobilicom Limited (Nasdaq: MOB, MOBBW), a provider of cybersecurity and robust solutions for drones and robotics, today announced it has received a third consecutive commercial scale order from a U.S.-based Tier-1 customer, one of the largest drone manufacturers in the world. The cust ...

SHOHAM, Israel, May 06, 2024 (GLOBE NEWSWIRE) -- Mobilicom Limited (NASDAQ:MOB), a provider of cybersecurity and robust solutions for drones and robotics, is pleased to invite investors to a webinar on May 9, 2024, at 4:15 p.m. ET. The exclusive event, hosted by RedChip Companies, will feature Mobilicom Founder and CEO Oren Elkayam, who will share insight into the Company's recent successes and near-term growth initiatives. A live Q&A session with Elkayam will follow the presentation. To register for the f ...

Software-as-a-Service (SaaS) designed to operate on NVIDIA AI computing for drones and roboticsOS3 enables unparalleled operational situational awareness, automated response, and mediation capabilities to neutralize malfunctions and threats across the operations stack from the drone and robot to the cloudMaximizes resilience to ensure financial performance of fleets for service providers, operators, and manufacturers Shoham, Israel, April 23, 2024 (GLOBE NEWSWIRE) --   Mobilicom Limited (NASDAQ:MOB, MOBBW)) ...

Mobilicom has expanded its offering and total addressable market (TAM) beyond small-sized drones into the mid-sized uncrewed aerial vehicle (UAV) market with its newly released MCU-70 & MCU-300 products Major milestone delivering live HD video and broadband data from high-speed jet UAV over long range operations up to 100 km Shoham, Israel, April 18, 2024 (GLOBE NEWSWIRE) --  Mobilicom Limited (NASDAQ:MOB, MOBBW))), a provider of cybersecurity and robust solutions for drones and robotics, today announced th ...

Revenue Performance - Revenue for the year ended December 31, 2023, was AUD$3,301,887, an increase of AUD$974,829 or 42% compared to AUD$2,327,058 in 2022, primarily due to initial scaled production by Tier-1 customers and increased defense orders [240]. - Total revenue and other income decreased to AUD$4,593,140 in 2023 from AUD$8,363,135 in 2022, a decline of AUD$3,769,995 [239]. Profitability and Expenses - Gross profit for 2023 was AUD$1,944,273, with a gross margin of 59%, down from 62% in 2022, attributed to high-end IP-based technology and effective cost-reduction strategies [245]. - General and administrative expenses increased by AUD$1,341,534 or 50% to AUD$4,032,454 in 2023, mainly due to higher costs associated with being a public company and increased U.S. operations [249]. - The company incurred a net loss of AUD$6.9 million (approximately $4.7 million) for the year ended December 31, 2023, with accumulated losses of AUD$30.9 million since inception [252]. Cash Flow and Liquidity - Cash and cash equivalents as of December 31, 2023, were AUD$12.3 million (approximately $8.4 million), with total receivables recognized at AUD$1.4 million (approximately $977,578) [254]. - Net cash used in operating activities for 2023 was AUD$6,207,518, an increase from AUD$4,468,304 in 2022, primarily due to decreased customer receipts and increased payments to suppliers [258]. - The company believes its existing funds will cover operating expenses and capital expenditures for the next twelve months despite liquidity risks associated with operational expansion [418]. Research and Development - Research and development expenses rose by AUD$351,518 or 14% to AUD$2,936,825 in 2023, driven by higher material costs and new product development [248]. Financing and Future Plans - The company plans to satisfy future cash needs through debt or equity financings and governmental grants until significant recurring revenues are generated [255]. - The company raised gross proceeds of $2.95 million (approximately AUD$4.3 million) from the January 2024 Offering, which included the issuance of 486,871 ADSs and warrants [265]. Economic and Market Conditions - The company continues to monitor macro-economic conditions, including supply chain issues and inflation, which may impact operations and costs, with potential price increases considered to offset cost pressures [267]. - The company does not currently hedge foreign currency exchange risk but may consider formal hedging transactions in the future to mitigate exposure from AUD$/NIS fluctuations [417]. - A 10% devaluation of the AUD$ against the NIS could increase the company's net loss by approximately AUD$434,000, while a 10% appreciation could decrease the net loss by approximately AUD$355,000 [417]. - The company is not aware of any trends or events likely to materially affect its net revenue or profitability from January 1, 2023, to the present [267]. Liabilities and Obligations - As of December 31, 2023, the company has operating lease obligations of AUD$696,800 (approximately $476,611) and net employee benefits obligations of AUD$295,542 (approximately $202,151) not reflected as liabilities in the balance sheet [264]. - The company measures governmental liabilities on grants received based on discounted cash flows from anticipated future revenues [271]. - The lease term is a significant factor in measuring right-of-use assets and lease liabilities, with management exercising judgment on lease extension options [272]. Share-Based Remuneration - The company has a share-based remuneration scheme, with the fair value of share options estimated using the Black-Scholes model, impacting the financial statements over the vesting period [270].

Financial Performance - Customer revenue in 2022 decreased by 35% compared to 2021, totaling $2.3 million, primarily due to supply chain challenges affecting production capabilities [18] - Sales revenue for the year ended December 31, 2022, was $2,327,058, a decrease from $3,578,603 in 2021 [83] - The profit after income tax for 2022 was a loss of $341,469, an improvement compared to a loss of $2,704,845 in 2021 [83] - Total revenue for the year ended 31 December 2022 was $2,327,058, a decrease of 35% from $3,578,603 in 2021 [106] - The company reported a loss after income tax expense of $341,469 for 2022, compared to a loss of $2,704,845 in 2021, indicating an improvement [106] - Total comprehensive income for the year was a loss of $910,094, which includes other comprehensive losses of $568,625 [110] - The company reported a loss before income tax of $327,483 for 2022, significantly improved from a loss of $2,695,679 in 2021 [170] Cash and Liquidity - The company ended 2022 with a cash balance of $19.0 million, providing a healthy runway for operations [21] - Cash and cash equivalents rose to $18,917,416, compared to $3,947,156 in the previous year, reflecting a strong liquidity position [107] - Cash at bank increased to $18,976,542 as of December 31, 2022, compared to $3,996,300 in 2021, indicating improved liquidity [170] - Cash flows from operating activities resulted in a net cash outflow of $4,468,304, compared to a smaller outflow of $1,806,179 in the previous year [110] Research and Development - Government R&D grants increased by 17.2% compared to 2021, amounting to $0.9 million [20] - Mobilicom secured $408,000 in a new U.S. Space Florida R&D program for existing innovation projects [31] - Research and development expenses for the year were $2,516,922, slightly higher than $2,374,700 in 2021, indicating continued investment in innovation [106] - Research and development expenses increased to $2,516,922 in 2022 from $2,374,700 in 2021, highlighting ongoing commitment to innovation [168] Product Development and Market Position - Mobilicom achieved 44 design wins, including 12 new wins in 2022, with 8 being Tier-1 customers [22] - The company successfully launched the SkyHopper Micro, designed for mass deployment of small drone fleets, which has been selected for integration by a Tier-1 manufacturer [22] - The AI-based Immunity Cybersecurity and Encryption (ICE) Cybersecurity Suite is positioned to serve a market forecasted to grow at a CAGR of 63% to $27 billion by 2028 [6] - Mobilicom's strategic partnership with Mistral aims to integrate its solutions into the U.S. defense industry [8] - The company expects 2023 to be a growth year, anticipating additional design wins and a ramp-up in manufacturing to scale revenues [12] - Mobilicom launched the SkyHopper Micro product, designed for mass deployment of small drone fleets, featuring ICE Cybersecurity software [28] Financial Position and Assets - Total assets increased significantly to $21,206,246 as of 31 December 2022, up from $5,945,599 in 2021 [107] - The total assets of the consolidated entity as of December 31, 2022, were $21,206,246, with net assets amounting to $17,860,907 [131] - The company recognized a net gain on fair value movement of warrants amounting to $3,768,466, contributing to total income [106] Executive Compensation - The executive remuneration framework includes fixed and variable components, with a focus on aligning executive rewards with shareholder interests [62] - Non-executive directors' fees were capped at a maximum annual aggregate remuneration of $250,000 as approved in February 2017 [61] - The short-term incentives (STI) program is linked to specific annual targets and key performance indicators (KPIs) such as profit contribution and customer satisfaction [65] - The long-term incentives (LTI) include share-based payments awarded over a three-year period based on shareholder value increases [66] - Key management personnel remuneration includes non-recurring payments totaling $244,551 related to the period from May to December 2021 [71] Shareholder Information - The company completed an oversubscribed $19 million IPO in August 2022, issuing 3.22 million units at $4.13 per unit [25] - The share price at the end of the financial year decreased to $0.01 from $0.04 at the start of the year [83] - Basic earnings per share for 2022 was a loss of $0.05, compared to a loss of $0.91 in 2021 [83] - The company has a total of 96,546,734 unissued ordinary shares under option as of the report date [89] Expenses and Liabilities - Total liabilities increased to $3,345,339 from $2,616,480 in 2021, primarily due to the addition of warrants financial liability [107] - Selling and marketing expenses rose to $2,415,883 in 2022, up from $1,657,958 in 2021, indicating increased investment in marketing efforts [166] - General and administration expenses also increased to $2,532,033 in 2022, compared to $1,376,829 in 2021, driven by higher salaries and professional fees [169] - The company incurred payments to suppliers and employees amounting to $8,231,267, which is an increase from $6,572,578 in the previous year [110]

Revenue and Income - Revenue for the year ended December 31, 2022, was AUD$2,327,058 (approximately $1,580,881), a decrease of AUD$1,251,545 or 35% compared to AUD$3,578,603 in 2021 due to supply chain challenges [224]. - Interest income surged to AUD$168,843 (approximately $114,703) in 2022, a significant increase of AUD$167,263 or 7,260% from AUD$1,580 in 2021, attributed to short-term deposits from the August 2022 IPO [226]. - Foreign exchange gains were AUD$1,175,735 (approximately $798,733) in 2022, compared to AUD$nil in 2021, reflecting favorable currency exchange rate changes [227]. - Fair value gains from financial liability amounted to AUD$3,768,466 (approximately $2,560,099) in 2022, compared to AUD$nil in 2021, linked to the revaluation of warrants from the August 2022 IPO [228]. - Government grants from IIA increased to AUD$923,033 (approximately $627,060) in 2022, up AUD$135,489 or 17% from AUD$787,544 in 2021 [225]. Expenses - Total expenses increased to AUD$7,807,135 in 2022, up AUD$1,987,312 or 34% from AUD$5,819,823 in 2021, driven by higher sales and marketing, and general administrative costs [230]. - Sales and marketing expenses rose to AUD$2,464,936 (approximately $1,674,550) in 2022, an increase of AUD$772,862 or 46% from AUD$1,692,074 in 2021, due to expanded activities in the US and Europe [231]. - General and administrative expenses surged to AUD$2,690,920 (approximately $1,828,071) in 2022, an increase of AUD$1,260,058 or 88% from AUD$1,430,862 in 2021, primarily due to costs related to the IPO [233]. Profit and Loss - Gross profit for 2022 was AUD$1,443,575, down AUD$891,445 from AUD$2,335,020 in 2021, with a gross margin of 62% compared to 65% in 2021 [229]. - As of December 31, 2022, the company incurred a net loss of AUD$341,469 (approximately $231,978) and has accumulated losses of AUD$24.1 million (approximately $16.3 million) since inception [249]. Cash Flow and Financial Position - As of December 31, 2022, the company had cash and cash equivalents of AUD$19.0 million (approximately $12.9 million) and receivables of AUD$828,351 (approximately $562,740) [250]. - For the year ended December 31, 2022, net cash used in operating activities was AUD$4,468,304, an increase from AUD$1,806,179 in 2021, primarily due to decreased receipts from customers and increased payments to suppliers [254]. - Net cash provided by financing activities for the year ended December 31, 2022, was AUD$19,475,174, significantly higher than AUD$3,368,358 in 2021, mainly due to proceeds from the August 2022 initial public offering [257]. - For the year ended December 31, 2022, net cash used in investing activities was AUD$26,628, a slight decrease from AUD$30,534 in 2021 [256]. - The company estimates it has adequate financial resources for at least 12 months from December 31, 2022, based on current cash and trade receivable balances [250]. - The company is exposed to liquidity risk but believes existing funds will cover operating expenses and capital expenditures for the next twelve months [413]. - The company may need to seek additional funds in the future, depending on its ability to generate significant recurring revenues [251]. Economic and Risk Factors - The company continues to monitor macro-economic conditions, including inflation and supply chain issues, which may impact operations and cash flow [263]. - The company does not currently hedge foreign currency exchange risk but may consider formal currency hedging transactions in the future [411]. - The company has contractual obligations totaling AUD$743,123 as of December 31, 2022, primarily related to operating leases and employee benefits [260].