Redeye provides an update to Wyld’s Q2 2023 report, in which our estimates align with the reported figures. The report did not reveal any significant unexpected outcomes. Meanwhile, we noted a quarter in which the order book expanded by cSEK26 million, accompanied by robust business activity and a focus on scaling manufacturing to meet demand. Our financial forecast has undergone minor adjustments, and our fair value range remains unchanged, with a base case of SEK20 per share.
SEK92m order book, first delivery in Q3’23
At the end of Q2’23, Wyld’s hardware order book stood at cSEK92m of which SEK77m is for hardware (modules and terminals). In our view, this is more important than looking at the sales figures for Q2’23, which, not surprisingly, were close to flat (SEK0.3m). In Q2’23, the order book expanded by cSEK26m. The first shipment of orders is expected for Q3’23, and Wyld now focuses on scaling up the manufacturing. It is worth mentioning that the orders with the hardware order book are for 1-4 years. We estimate that c200,000 modules will be deployed by the end of ’24, where orders stem from the current order book and new orders during ’23-’24.
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