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Mobilicom (MOB) - 2022 Q4 - Annual Report
MOBMobilicom (MOB)2023-03-30 21:23

Financial Performance - Customer revenue in 2022 decreased by 35% compared to 2021, totaling 2.3million,primarilyduetosupplychainchallengesaffectingproductioncapabilities[18]−SalesrevenuefortheyearendedDecember31,2022,was2.3 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 3,578,603in2021[83]−Theprofitafterincometaxfor2022wasalossof3,578,603 in 2021 [83] - The profit after income tax for 2022 was a loss of 341,469, an improvement compared to a loss of 2,704,845in2021[83]−Totalrevenuefortheyearended31December2022was2,704,845 in 2021 [83] - Total revenue for the year ended 31 December 2022 was 2,327,058, a decrease of 35% from 3,578,603in2021[106]−Thecompanyreportedalossafterincometaxexpenseof3,578,603 in 2021 [106] - The company reported a loss after income tax expense of 341,469 for 2022, compared to a loss of 2,704,845in2021,indicatinganimprovement[106]−Totalcomprehensiveincomefortheyearwasalossof2,704,845 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]−Thecompanyreportedalossbeforeincometaxof568,625 [110] - The company reported a loss before income tax of 327,483 for 2022, significantly improved from a loss of 2,695,679in2021[170]CashandLiquidity−Thecompanyended2022withacashbalanceof2,695,679 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,comparedto18,917,416, compared to 3,947,156 in the previous year, reflecting a strong liquidity position [107] - Cash at bank increased to 18,976,542asofDecember31,2022,comparedto18,976,542 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,comparedtoasmalleroutflowof4,468,304, 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 0.9million[20]−Mobilicomsecured0.9 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,slightlyhigherthan2,516,922, slightly higher than 2,374,700 in 2021, indicating continued investment in innovation [106] - Research and development expenses increased to 2,516,922in2022from2,516,922 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 27billionby2028[6]−Mobilicom′sstrategicpartnershipwithMistralaimstointegrateitssolutionsintotheU.S.defenseindustry[8]−Thecompanyexpects2023tobeagrowthyear,anticipatingadditionaldesignwinsandaramp−upinmanufacturingtoscalerevenues[12]−MobilicomlaunchedtheSkyHopperMicroproduct,designedformassdeploymentofsmalldronefleets,featuringICECybersecuritysoftware[28]FinancialPositionandAssets−Totalassetsincreasedsignificantlyto27 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 5,945,599in2021[107]−ThetotalassetsoftheconsolidatedentityasofDecember31,2022,were5,945,599 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]−Thecompanyrecognizedanetgainonfairvaluemovementofwarrantsamountingto17,860,907 [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 250,000asapprovedinFebruary2017[61]−Theshort−termincentives(STI)programislinkedtospecificannualtargetsandkeyperformanceindicators(KPIs)suchasprofitcontributionandcustomersatisfaction[65]−Thelong−termincentives(LTI)includeshare−basedpaymentsawardedoverathree−yearperiodbasedonshareholdervalueincreases[66]−Keymanagementpersonnelremunerationincludesnon−recurringpaymentstotaling250,000 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 19millionIPOinAugust2022,issuing3.22millionunitsat19 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 0.01from0.01 from 0.04 at the start of the year [83] - Basic earnings per share for 2022 was a loss of 0.05,comparedtoalossof0.05, 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 3,345,339from3,345,339 from 2,616,480 in 2021, primarily due to the addition of warrants financial liability [107] - Selling and marketing expenses rose to 2,415,883in2022,upfrom2,415,883 in 2022, up from 1,657,958 in 2021, indicating increased investment in marketing efforts [166] - General and administration expenses also increased to 2,532,033in2022,comparedto2,532,033 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,whichisanincreasefrom8,231,267, which is an increase from 6,572,578 in the previous year [110]