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· SimSports orders and backlog of ~$1.5 million per end-April with initial
shipments in March and additional products in the pipeline
· 2022 Outlook maintained with group revenue growth expected of -5% to +15%
from 2021 and operating income is expected to be between -$1 and +$5 million,
reflecting a volatile global situation
Asetek reported first-quarter revenue of $13.9 million compared with $25.0
million in the same period of 2021. The change from prior year mainly reflects
fewer shipments of Gaming & Enthusiast products.
Gross margin was 38% for the first quarter of 2022 compared with 43% in the
first quarter of 2021. The margin decline reflects higher component costs due a
weaker U.S. dollar, generally higher component prices due to continued
shortages, increased shipping costs due to global supply chain disruptions, and
a change in the mix of product shipments.
“Market headwinds created by component shortages, shutdowns in China and
shipping bottlenecks continue into 2022, exacerbated by the invasion of Ukraine.
We seek to proactively manage these challenges and position for an expected
normalization of component access and global supply chains later in the year,”
said André Sloth Eriksen, CEO and founder of Asetek. “At the same time, the
first of our acclaimed SimSport products, reflecting our credo of passion,
precision and performance, have started to ship to end-users. Early indications
support our decision to invest in a third growth segment, leveraging the same
capabilities and innovation focus our Gaming & Enthusiast and Data center
businesses is founded on.”
Operating loss was $1.9 million and adjusted EBITDA was negative $0.9 million in
the first quarter of 2022, compared with operating income of $3.5 million and
adjusted EBITDA of positive $4.7 million in the first quarter of 2021.
Operating expenses of $7.2 million were level with the first quarter of 2021.
Expenditures related to development and marketing of the new SimSports product
line increased while Data center product line expenses decreased. Depreciation
and amortization was $0.9 million and share based compensation was $142
thousand.
During the quarter, the Company invested $2.8 million in property and equipment,
including development of a new headquarters facility. Additions to capitalized
costs for the development of new products totaled $1.0 million.
At March 31, 2022, Asetek had total assets of $64.9 million ($75.4 million at
December 31, 2021) and total equity of $46.1 million ($48.4 million). Working
capital at March 31 was $15.7 million ($20.6 million) including $12.6 million of
cash and cash equivalents ($23.3 million). Long-term debt totaled $1.3 million
($1.5 million).
OPERATIONS
In March, the Company began shipping orders for the first of its SimSports
products - Invicta Sim Racing Pedals - which include a throttle, brake pedal and
add-on clutch pedal, along with its RaceHub software for quick and easy
adjustments and calibration. This initial offering, which has received highly
positive reviews, provides competitive SimSports gamers with full immersion and
the feeling of a real racecar. In early April, the Company introduced its new
high-performance Forte Throttle and Brake Pedal Set for immersive racing at a
lower price point.
In February, the Company announced an exclusive supply agreement with HangZhou
MiGE Electric Co., which will use its highly effective servo motor technology to
produce a full range of wheelbases exclusively for Asetek SimSports, based on
the Company’s designs.
Per end of April, the Company’s SimSports orders and backlog amounted to
approximately $1.5 million, representing thousands of pedal sets. The Forte
pedals and additional new products in the pipeline indicate future upside
potential. However, the Company notes the risk of end-user conversion from
order to firm purchase and component shortages which may affect pace of
shipments.
In the first quarter, the Company shipped 211 thousand sealed loop coolers
compared with 412 thousand in the first quarter of 2021. Four new Gaming &
Enthusiast products began shipping in the first quarter, including two liquid
coolers for GPUs. Due to changes to OEM release schedules, some introductions
originally expected in the first quarter were moved to the second quarter in
which eleven new products are expected to begin shipping. In the third quarter,
the Company expects to begin production of liquid cooling products at an
additional outsourced facility in Malaysia.
Management maintains its outlook for 2022, with revenue growth expected to be in
the range of -5% to +15% compared with 2021, considering assumptions such as
shortages of semiconductor chips, shipping cost and capacity variances, pandemic
lockdowns, general geo-political tensions as well as an overall expectation that
the business climate will normalize over the course of the year. Operating
income is projected to be between -$1 and +$5 million in 2022, reflecting the
above uncertainties.
Conference call and webcast today, Thursday, 28 April at 12:30 CEST
CEO André Sloth Eriksen and CFO Peter Dam Madsen will present the Company’s
results at 12:30 CEST and invites investors, analysts and media to join the
presentation. The presentation is expected to last up to one hour, including
Q&A, and can be followed via live webcast or conference call.
Webcast - audio and slide presentation:
Please join the results webcast via the following link:
https://streams.eventcdn.net/asetek/2022q1
Conference call - audio only:
Please dial in 5-10 minutes prior using the phone numbers:
Denmark +45 3271 4988
Norway +47 2198 4292
United Kingdom +44 (0) 203 059 58 69
Germany +49 (0) 69 566 037000
United States of America +1 760 294 1674
Material:
The first quarter 2022 earnings release and presentation will be made available
online at www.asetek.com and www.newsweb.no, as well as through news agencies
A recorded version of the presentation will be made available at www.asetek.com
approximately two hours after the presentation has concluded.
Q&A:
The conference call lines will be opened for participants to ask question at the
end of the presentation. Questions can also be submitted through the online
webcast during the presentation.
For questions or further information, please contact:
CEO and Founder André S. Eriksen, +45 2125 7076, email: ceo@asetek.com
CFO Peter Dam Madsen, +45 2080 7200, email: investor.relations@asetek.com
About Asetek:
Asetek (ASTK.OL), a global leader in mechatronic innovation, is a Danish garage
-to-stock-exchange success story. Founded in 2000, Asetek established its
innovative position as the leading OEM developer and producer of the all-in-one
liquid cooler for all major PC & Enthusiast gaming brands. In 2013, Asetek went
public while expanding into energy-efficient and environmentally friendly
cooling solutions for data centers. In 2021, Asetek introduced its line of
products for next level immersive SimSports gaming experiences. Asetek is
headquartered in Denmark and has operations in China, Taiwan and the United
States.
This information is subject to the disclosure requirements pursuant to Section 5
-12 of the Norwegian Securities Trading Act.
Kilde
