Mobilicom Reports 2024 Year-End Financial Results: Record Revenues Up 45%
Revenue momentum continues with robust gross margins, reduced operating expenses
Major recent wins expected to drive growth include the addition of Mobilicom's systems to the U.S. Department of Defense's (DoD) Blue UAS Framework and its OS3 cybersecurity software platform for AI-Driven drones and robotics
Strong cash position of $8.6 million with low average monthly net burn rate of $267K provides a long cash runway to support growth
PALO ALTO, Calif., March 27, 2025 (GLOBE NEWSWIRE) -- Mobilicom Limited (Nasdaq: MOB), a provider of cybersecurity and robust solutions for drones and robotics, today announced financial results for the twelve months ended December 31, 2024, as well as recent business and operational highlights.
"2024 marked a major year for us in developing and launching the OS3 cybersecurity software solution, which runs on AI-driven NVIDIA-based platforms that are becoming the next-generation standard for drones and robotics. In 2025, we are excited to leverage our breakthrough innovation and first-to-market advantage by building an infrastructure for success through strategic and commercial partnerships, positioning us as a leader at the intersection of drones and robotics, AI and cybersecurity," stated Mobilicom CEO and Founder Oren Elkayam.
"Licensed software products, such as OS3 and ICE cybersecure solutions, are expected to further expand gross margins, which are already robust at close to 60% on a hardware product mix."
"Our continued product traction and revenue momentum with Tier-1 customers worldwide highlight the value of our field-proven cybersecure hardware solutions. We anticipate further order growth in 2025, driven by an expected ramp-up in production by Tier-1 customers that compete for programs of record with major militaries, including the DoD."
"As we look to 2025 and beyond, the importance of being selected to join the DoD's Blue UAS Framework cannot be overstated. We believe that this is a catalyst that is expected to drive accelerating adoption of our technologies not only with DoD programs of record, but also with NATO countries, which are now significantly increasing their defense budgets, as well as with companies producing drones and robotics for commercial applications," Elkayam concluded.
Financial Highlights for the Twelve Months Ended December 31, 2024
-- Revenues increased 45% year-over-year to $3.2 million from $2.2 million
in 2023 driven by a growing number of initial production orders from U.S.
and global Tier-1 customers
-- Confirmed order backlog as of December 31, 2024 was $1.1 million and is
expected to be fulfilled in H1 2025
-- Gross margin remained consistently high at 58% compared to 59% in 2023,
reflecting strong high-end IP-based technology and effective components
costs-reduction planning
-- OPEX, consisting of research and development, general and administrative
and selling and marketing expenses, dropped slightly to $5.9 million from
$6.1 million in 2023, even as revenues grew, pointing to the Company's
ability to ramp sales without increasing operational costs
-- Operating net cash burn rate narrowed by 24% to $3.2 million from $4.2
million in 2023, averaging approximately $267,000 per month
-- EBITDA improved by 18% to $(3.2) million compared to $(3.9) million in
2023
-- Strong cash position of $8.6 million as of December 31, 2024, following
$1.2 million in proceeds from warrant exercises, and a low monthly burn
rate affords Mobilicom a long cash runway to implement its strategic
plans, capture market share, increase software revenues through new
product mix, and further ramp revenues
H2 2024 and Recent Operational Highlights
-- The DoD's Defense Innovation Unit added three Mobilicom SkyHopper
products to the Blue UAS Framework, a prestigious short-list of approved
products eligible for procurement by the DoD; Marks a significant
milestone that is expected to open new opportunities and substantially
increase demand for SkyHopper PRO, PRO Lite, and PRO Micro from Tier-1
global OEMs serving the global defense and commercial UAS markets,
including federal and state programs as well as European and NATO member
nations
-- Partnered with Aitech Systems for roll-out of OS3 cybersecurity software
to deliver secure AI-driven autonomous computing solutions for aerospace
and defense uncrewed aircraft systems (UAS)
-- Received its 5th initial production scale order for the SkyHopper PRO
cybersecure datalinks, valued at $600,000, from a current customer, one
of the largest U.S.-based drone manufacturers
-- Received a $530,000 order for the SkyHopper PRO Micro from one of the
world's largest loitering munitions providers which has already
integrated Mobilicom's Ground Control Station into its drones, bringing
this customer's cumulative orders for the two products to over $1.7
million in less than one year
-- Selected for a $390,000 R&D innovation program to develop Enhanced
Electronic Warfare communications systems that protect uncrewed aerial
vehicles (UAVs) against advanced wideband jamming
-- Secured initial production-scale orders from an innovative U.S.-based
drone designer and manufacturer that has integrated SkyHopper PRO into
its high payload long range drones that are being sold to leading defense
and commercial end users across the U.S.
-- Mobilicom's cybersecure MCU-30 Mobile MESH product was selected by a
current customer, one of the world's largest loitering munitions
manufacturers, for integration into its latest perimeter protection drone
fleets, demonstrating the Company's potential to cross-sell its
end-to-end solutions to existing customers
-- Entered strategic partnership with DT Research targeting the tactical
ground control station (GCS) market for small-sized drones and robotics
in harsh environments; The first product of this partnership, Mobilicom's
8" Controller Pro, was launched in September 2024 and has been extremely
well received
A copy of Mobilicom's annual report on Form 20-F for the year ended December 31, 2024 has been filed with the U.S. Securities and Exchange Commission at https://www.sec.gov/ and posted on Mobilicom's investor relations website at https://ir.mobilicom.com/. Mobilicom will deliver a hard copy of its annual report, including its complete audited consolidated financial statements, free of charge, to its shareholders upon request at liad.gelfer@mobilicom.com.
About Mobilicom
Mobilicom is a leading provider of cybersecure robust solutions for the rapidly growing defense and commercial drones and robotics market. Mobilicom's large portfolio of field-proven technologies includes cybersecurity, software, hardware, and professional services that power, connect, guide, and secure drones and robotics. Through deployments across the globe with over 50 customers, including the world's largest drone manufacturers, Mobilicom's end-to-end solutions are used in mission-critical functions.
For investors, please use https://ir.mobilicom.com/
For company, please use www.mobilicom.com
Forward Looking Statements
This press release contains "forward-looking statements" that are subject to substantial risks and uncertainties. For example, the Company is using forward-looking statements when it discusses leveraging its breakthrough innovation and first-to-market advantage by building an infrastructure for success through strategic and commercial partnerships, positioning it as a leader at the intersection of drones and robotics, AI and cybersecurity, its expectation to further expand gross margins, its anticipation of further order growth in 2025, its expectation regarding the accelerating adoption of its technologies and its expectation regarding the opening of new opportunities and increased demand for its products. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as "anticipate," "believe," "contemplate," "could," "estimate," "expect," "intend," "seek," "may," "might," "plan," "potential," "predict," "project," "target," "aim," "should," "will" "would," or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on Mobilicom Limited's current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the Company's filings with the Securities and Exchange Commission.
Forward-looking statements contained in this announcement are made as of this date, and Mobilicom Limited undertakes no duty to update such information except as required under applicable law.
For more information on Mobilicom, please contact:
Liad Gelfer
Mobilicom Ltd
liad.gelfer@mobilicom.com
Use of Non-IFRS Financial Information
In addition to disclosing financial results calculated in accordance with the International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board, this release also contains non-IFRS financial measures, which Mobilicom believes are the principal indicators of the operating and financial performance of its business.
Management believes the non-IFRS financial measures provided are useful to investors' understanding and assessment of Mobilicom's ongoing core operations and prospects for the future, as the charges eliminated are not part of the day-to-day business or reflective of the core operational activities of the company. Management uses these non-IFRS financial measures as a basis for strategic decisions, and evaluating the Company's current performance. The presentation of these non-IFRS financial measures is not intended to be considered in isolation from, or as a substitute for, or superior to, operating loss and or net income (loss) or any other performance measures derived in accordance with IFRS or as an alternative to net cash provided by operating activities or any other measures of our cash flows or liquidity.
EBITDA is a non-IFRS financial measure that is defined as earnings before interest, taxes, depreciation, amortization, and other non-cash or one-time expenses.
Mobilicom Limited
Condensed Consolidated Statements of Profit or Loss
$ $
For the twelve For the twelve
months ended, months ended,
December 31, December 31,
2024 2023
Revenue $ 3,180,565 $ 2,193,791
Cost of sales 1,348,711 902,006
------------- -------------
Gross margin 1,831,854 1,291,785
Operating Expenses
Selling and marketing expenses 1,965,426 2,088,200
Research and development, net 1,939,691 1,739,761
General and administration
expenses 1,970,849 2,256,408
------------- -------------
Total operating expenses 5,875,966 6,084,369
Operating loss (4,044,112) (4,792,584)
------------- -------------
Other (expenses) income (3,805,444) 307,753
Loss before income tax expenses $ (7,849,556) $ (4,484,831)
------------- -------------
Income tax expenses (160,802) (80,923)
Net loss $ (8,010,358) $ (4,565,754)
============= =============
Net loss per share - basic and
diluted (0.48) (0.34)
Weighted average shares
outstanding - basic and diluted 1,670,912,794 1,328,152,166
Mobilicom Limited
Reconciliation table of EBITDA to Loss after income
tax expenses
$ $
For the twelve For the twelve
months ended, months ended,
December 31, December 31,
2024 2023
Net loss $ (8,010,358) $ (4,565,754)
Financial expenses (income), net 3,805,444 (307,753)
Depreciation 252,524 233,984
Share-based compensation 610,395 610,303
Income tax expense 160,802 80,923
----------- -----------
EBITDA $ (3,181,193) $ (3,948,297)
=========== ===========
Mobilicom Limited
Condensed Consolidated Statements of Financial Position
$ $
December 31, December 31,
2024 2023
Assets
Current assets
Cash and cash equivalents $ 8,589,282 $ 8,385,283
Restricted cash 97,108 59,426
Trade and other receivables, net 949,225 977,578
Inventories 892,882 934,779
---------- ----------
Total current assets 10,528,497 10,357,066
Non-current assets
Property, plant and equipment, net 81,420 80,547
Right-of-use assets 232,868 460,300
---------- ----------
Total non-current assets 314,288 540,847
Total assets $ 10,842,785 $ 10,897,913
========== ==========
$ $
December 31, December 31,
2023 2022
Liabilities
Current liabilities
Trade and other payables $ 1,233,654 $ 1,420,019
Lease liabilities 211,265 223,700
----------- -----------
Total current liabilities 1,444,919 1,643,719
Non-current liabilities
Lease liabilities 16,028 229,078
Employee benefits 200,604 202,151
Governmental liabilities on grants
received 12,468 4,560
Financial liability 5,140,921 1,075,808
----------- -----------
Total non-current liabilities 5,370,021 1,511,597
Total liabilities 6,814,940 3,155,316
----------- -----------
Net assets $ 4,027,845 $ 7,742,597
----------- -----------
Equity
Issued capital 34,837,206 31,035,121
Reserves (417,959) (911,480)
Accumulated losses (30,391,402) (22,381,044)
Total equity $ 4,027,845 $ 7,742,597
=========== ===========
(END) Dow Jones Newswires
March 27, 2025 16:15 ET (20:15 GMT)
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