Skip to main content

Interim report Q2 2024

By

In the second quarter 2024 Acconeer’s net sales amounted to kSEK 15,138 and the gross margin was 61%. As many as nearly 270,000 radar sensors were sold in the quarter. In addition, more than 25,000 modules and 414 evaluation kits, EVK, were sold. A total of 18 new customer products were launched.

CEO Ted Hansson comments: “I am very pleased to begin my time as CEO of Acconeer by reporting record high quarterly revenues of SEK 15.1 million. We also see once again a quarter with very strong development in the automotive industry, which is promising for future earnings.”

SECOND QUARTER

  • Net sales for the second quarter amounted to kSEK 15,138 (6,399).
  • The gross margin on sales of goods was 61 (61) %.
  • Result after taxes amounted to kSEK-6,930 (-13,498).
  • Earnings per share before and after dilution was SEK -0.12 (-0.51).
  • The cash flow from operating activities was kSEK -6,280 (-10,803).

FIRST SIX MONTHS

  • Net sales for the first six months amounted to kSEK 26,436 (16,530).
  • The gross margin on sales of goods was 59 (60) %.
  • Result after taxes amounted to kSEK-19,171 (-25,625).
  • Earnings per share before and after dilution was SEK -0.44 (-0.97).
  • The cash flow from operating activities was kSEK -18,498 (-20,535).
  • Cash and cash equivalents on the balance sheet date amounted to kSEK 109,017 (30,541).

SIGNIFICANT EVENTS DURING THE SECOND QUARTER

  • Acconeer received order from BEYD worth USD 180,000.
  • Acconeer received order from European IoT provider worth USD 100,000.
  • Acconeer announced automotive design win with an estimated value of USD 30 million, for the first time including next generation radar sensor A2.
  • Acconeer and Sandvik receives research grant of SEK 3.5 million for material classification.
  • Acconeer announced 5 automotive design wins to an estimated value of more than USD 4 million.
  • Acconeer appointed Ted Hansson as new CEO.

SIGNIFICANT EVENTS AFTER THE END OF THE PERIOD

  • No significant events after the end of the period.

The report is attached to this press release and available through Acconeer's website: https://www.acconeer.com/investor_page/home/financial-reports/.

Acconeer appoints Ted Hansson as new CEO to drive sales growth

By

Acconeer AB (publ) (Ticker: ACCON), a leader in radar sensor technology, announces the appointment of Ted Hansson as its new Chief Executive Officer, effective July 1st, 2024.

Ted Hansson brings extensive experience in driving sales and business growth in the
technology sector. Based in Asia, he has over 20 years of experience in managing and scaling global semiconductor business and previously held senior leadership roles at Fingerprint Cards AB,
including President of Mobile, PC, and Access China business, and interim group CEO. He has also worked for Ericsson and Samsung Semiconductor. Ted will be based at Acconeer's Malmoe headquarters. Ted holds a Master’s degree in electrical engineering.

Thomas Rex, Chairman of the Board, commented:
“We are thrilled to welcome Ted to Acconeer. His proven track record in driving sales and
expanding market reach in the tech sector makes him the ideal leader for our next growth
phase. Ted played a crucial role in establishing Fingerprints as a dominant player in the
smartphone market and expanding into laptops. We look forward to his contributions in
advancing our strategic goals and enhancing shareholder value."

"I also want to thank Lars Lindell for his enormous contribution over the past 9 years,
transforming Acconeer from a startup to a leading player in the industry."

Incoming CEO Ted Hansson stated:
“I am excited and honored to join Acconeer at this pivotal time. Acconeer’s innovative radar
technology is poised for further deployment across multiple industries. I look forward to working
with the talented team to drive sales growth, market expansion, and value for our customers
and shareholders.”

Acconeer announces 5 automotive design wins to an estimated value of more than USD 4 million

By

Acconeer’s A121 Pulsed Coherent Radar sensor has been designed into five additional car models from a leading Japanese automotive manufacturer, following the one announced in January this year. The design wins are for the use case access control, which allows touchless opening of the trunk of a car. The total forecasted value of the design wins is USD 4 million over a seven-year period starting in 2025. By "design win" Acconeer refers to that the company's radar sensor has been selected for use in a customer product, but it is not equivalent to that an order has been placed.

CEO Lars Lindell comments: “We are happy to see yet another design win with this manufacturer, and we take it as a confirmation that they are happy with our product. This design win together with other recently announed ones are indications that our solution is becoming a standard product with several OEMs, which puts us in a great position for even more design wins in the future.”

In total, Acconeer has now seen 6 launched car models and 26 design wins in the automotive industry. The total forecasted value of all announced design wins is USD 74 million in the period 2024-2032. A design win is counted when a formal nomination is received, or when forecasted sales can be done with high reliability.

Acconeer and Sandvik receive research grant of SEK 3.5 million for material classification

By

Sweden's innovation agency Vinnova has decided to award Acconeer and Sandvik a grant totaling SEK 3.5 million, of which Acconeer's share is SEK 2.5 million, for research into automated material classification with radar. The project will begin in Q3 2024 and is planned to be completed in the second half of 2026.

In this project Sandvik and Acconeer will combine their strengths to develop a material classification system for rock crushing conveyor belt applications. The system will provide information on different types of materials and particle size distributions and identify deviations towards the requirements on the produced material.

CEO Lars Lindell comments: "Material classification is something we have been looking into for many years, and with this grant we get the opportunity to take our research one step further. The fact that we also get the chance to do it together with a large global player like Sandvik gives us the possibility to test our application in an advanced industrial environment."

From Vinnova's justification: "A well-written application with actors at the forefront. The automated material classification described is considered to have high potential with several different areas of application in addition to the rock crusher that is in focus. The project plan is assessed as realistic with a good division between the actors."

Interim report Q1 2024

By

In the first quarter 2024, Acconeer's net sales amounted to kSEK 11,298. Close to 13,000 modules and more than 170,000 sensors were sold. In total, Acconeer has sold 2,077,031 radar sensors and 183,916 modules since launch. In the quarter 436 evaluation kits were sold, and an accumulated 7,777 EVKs have been sold since launch. The gross margin in Q1 was 56% and 8 new customer products were launched.

CEO Lars Lindell comments: "We had a good quarter with increased sales both compared to Q4 and Q1 2023. In addition, we continue to see good progress in the automotive industry, where we were able to report on both launched car models and new design wins. It is especially gratifying that we received our first design win for our upcoming radar sensor, A2.”

FIRST QUARTER

  • Net sales for the first quarter amounted to kSEK 11,298 (10,131).
  • The gross margin on sales of goods was 56 (60) %.
  • Result after taxes amounted to kSEK-12,241 (-12,127).
  • Earnings per share before and after dilution was SEK -0.45 (-0.46).
  • The cash flow from operating activities was kSEK -12,218 (-9,732).

SIGNIFICANT EVENTS DURING THE FIRST QUARTER

  • Acconeer announced automotive design win to an estimated value of USD 5 million.
  • The Board of Acconeer decided to carry out a fully guaranteed rights issue of approximately SEK 150 million, financial targets and preliminary financial information for FY 2023 was announced.
  • Acconeer received largest order yet from NEXTY Electronics worth 1,8 million USD.

SIGNIFICANT EVENTS AFTER THE END OF THE PERIOD

  • Acconeer received order from BEYD worth USD 180,000.
  • Acconeer received order from European IoT provider worth USD 100,000.
  • Acconeer announced automotive design win with an estimated value of USD 30 million, for the first time including next generation radar sensor A2.

The report is attached to this press release and available through Acconeer's website: https://www.acconeer.com/investor_page/home/financial-reports/.

New car model using Acconeer radar sensor launched with an estimated value of USD 800 000

By

Acconeer's A1 pulsed coherent radar sensor is used in a premium-brand car model from a Japanese high-volume car maker for the use case access control, which allows touchless opening of the trunk of a car. Acconeer estimates the total value of this model to USD 800 000 over seven years. The car model is released on the US market and sales to this customer are reflected in sales to Acconeer's distributors.

CEO Lars Lindell comments: “We are excited to see yet another car launch using our solution for access control, on a platform where we have seen several models already from different manufacturers. As we have stated before, we believe radar will replace capacitive sensors for access control and we are confident that Acconeer is way ahead of competitors for this use case.”

The automotive industry is an important business segment for Acconeer. Acconeer’s radar is the pioneer to replace existing capacitive solutions for access control and the company expects radars to completely replace existing solutions. Based on this, Acconeer expects their sales to the automotive industry to grow significantly over the coming years.

New car model using Acconeer radar sensor launched with an estimated value of USD 1,4 million

By

Acconeer's A1 pulsed coherent radar sensor is used in a car model from a Japanese high-volume car maker for the use case access control, which allows touchless opening of the trunk of a car. Acconeer estimates the total value of this model to USD 1,4 million over seven years. The car model is released on the US market by a Japanese company among the global top ten car manufacturers. Sales to this customer are reflected in sales to Acconeer's distributors.

CEO Lars Lindell comments: “We are happy to see yet another car with our sensor rolling out on the streets, and this time with a new manufacturer. It is a confirmation that our technology is superior to other existing solutions, and we expect many more design wins and launches for this use case going forward.”

The automotive industry is an important business segment for Acconeer. Acconeer’s radar is the pioneer to replace existing capacitive solutions for access control and the company expects radars to completely replace existing solutions. Based on this, Acconeer expects their sales to the automotive industry to grow significantly over the coming years.

Bulletin from the annual general meeting of Acconeer AB on 23 April 2024

By

Acconeer AB (the “Company”) held its annual general meeting on 23 April 2024. At the annual general meeting, the following resolutions were made.

The English text is an unofficial translation. In case of any discrepancies between the Swedish text and the English translation, the Swedish text shall prevail.

Adoption of the income statement and balance sheet
The annual general meeting resolved to adopt the board of directors’ proposal for the income statement and the balance sheet for the fiscal year of 2023.

Disposition of the Company’s profit or loss
The annual general meeting resolved, in accordance with the board of directors’ proposal, that no dividend is paid and that the Company’s funds available for distribution is carried forward.

Discharge from liability
The annual general meeting resolved to grant discharge from liability to all persons who have had the position of board member or CEO in the Company during 2023.

Election on the board of directors and auditor, and determination of fees
The annual general meeting resolved to re-elect Lars-Erik Wernersson, Git Sturesjö Adolfsson and Thomas Rex as members of the board, and to elect Henric Stråth as a new board member. Thomas Rex was re-elected as chairman of the board of directors.

The annual general meeting resolved that the fees to the board of directors, for the period until the next annual meeting, shall be paid out with a total of fourteen (14) price base amounts (Sw. prisbasbelopp), of which five (5) price base amounts to the chairman and three (3) price base amounts to each of the other members elected by the annual general meeting who are not employed by the Company.

The annual general meeting resolved to re-elect the registered audit company KPMG AB as the Company’s auditor until the end of the next annual general meeting. Fees to the auditor shall be paid according to approved invoice.

Directed issue of warrants and approval of transfer of warrants
The annual general meeting resolved, in accordance with the board of directors’ proposal, on the warrant-based incentive program Warrant Program 2024/2028 by (A) issuance of warrants of series 2024/2028 to the Company’s wholly-owned subsidiary and (B) approval of the transfer of warrants 2024/2028 from the subsidiary to individuals who are or will be employed by the Company (individuals employed for a fixed time period are excluded) including the CEO (“Employees”).

No more than 500,000 warrants shall be issued to the subsidiary with the right and obligation for the subsidiary to later transfer the warrants to the Employees. The warrants shall be transferred by the subsidiary on 22 November 2024, or on the later date decided by the board of directors, the transfer shall be made at market value at the respective transfer dates and warrants shall be allotted in accordance with the principles set forth in the board of directors’ proposal. Subscription of shares under the warrants may take place during the period from 15 February 2028 until 30 April 2028. The premium per share shall be transferred to the free share premium reserve (Sw. fria överkursfonden). The subscription price per share shall correspond to 150 per cent of the volume-weighted average price according to Nasdaq First North Growth Market’s official curriculum list for shares in the Company during the period of ten (10) trading days ending on 15 November 2024, however, the subscription price per share shall never be less than the quota value of the share. The maximum dilution effect of the program is approximately 1.84 per cent.

________________

For more detailed information regarding the content of the resolutions, please refer to the press release published on 12 March 2024 and the complete notice of the annual general meeting. The notice of the annual general meeting and complete proposals regarding the resolutions of the annual general meeting are available on the Company’s website, www.acconeer.com.

Acconeer joins STMicroelectronics Partner Program to accelerate customer time-to-market

By

Acconeer AB, world leader in ultra-low power radars, announces that it has joined the STMicroelectronics Partner Program to make its Pulsed Coherent Radar sensors accessible to ST’s customers. Their participation enables customers of both companies to benefit from state-of-the-art, high-quality components for innovative and extremely reliable radar-based applications.

To shorten development time and effort, Acconeer offers their customers evaluation kits and radar modules ready for integration in mass volume products. By combining ST’s microcontrollers with Acconeer’s 60 GHz radar sensors we can provide high performance, low power modules perfect for battery powered IoT devices.

"By becoming part of the ST Partner Program, we are in an even better position to deliver cutting-edge solutions to our joint customers. We have used ST MCUs for several of our radar modules, and this strategic collaboration will enable even better support to our joint customers,” says Lars Lindell, CEO, Acconeer.

“Acconeer’s knowledge of the ST portfolio and key expertise can help customers meet design challenges and shorten development time,” said Alessandro Maloberti, Partner Ecosystem Director, STMicroelectronics. “ST’s review and vetting of ST Authorized Partners has enabled us to build a strong ecosystem of qualified and skilled partners who can enhance customers’ developments with advanced technologies and multiple services to accelerate the design of their projects and solutions.”

STMicroelectronics, a global semiconductor leader serving customers across the spectrum of electronics applications created the ST Partner Program to speed customer development efforts by identifying and highlighting to them companies with complementary products and services. Moreover, the program’s certification process assures that all partners are periodically vetted for quality and competence. For more information, please visit www.st.com/partners.

Acconeer announces automotive design win with an estimated value of USD 30 million, for the first time including next generation radar sensor – A2

By

For the first time, Acconeer’s upcoming next generation A2 Pulsed Coherent Radar sensor has been selected for in-cabin monitoring in a car. In addition, Acconeer’s A1 radar sensor has been selected for the use case access control – which allows touchless opening of the trunk of a car – in the same car model, by a European premium car manufacturer. The total estimated value of the design win is around USD 30 million over a seven-year period starting in 2026. By "design win" Acconeer refers to that the company's radar sensor has been selected for use in a customer product, but it is not equivalent to that an order has been placed.

For in-cabin monitoring three interior detection use cases are implemented; child presence detection, seatbelt reminder and theft alarm.

CEO Lars Lindell comments: “To have our coming A2 sensor selected for use in cars already, based on the good performance of our prototype, is a huge milestone for us as a company as well as it being the largest design win in the company’s history. In addition, we have previously won several design wins with the same manufacturer, and to get this design win on a new car platform is a strong proof of that they are happy with the performance of our products and with our collaboration.”

In total, Acconeer has now seen four launched car models and 15 design wins with five different manufacturers in the automotive industry. The total forecasted value of all announced design wins is USD 70 million in the period 2024-2032. A design win is counted when a formal nomination is received, or when forecasted sales can be done with high reliability.