North Carolina /PRNewswire/ --October 10, 2022 Smart Wires Technology Ltd and its operating subsidiary, Smart Wires Inc. (collectively, the Company) has engaged two advisors to explore strategic alternatives for the Company, including without limitation additional financing to address its liquidity, a business combination, and a sale of the Company.
In addition, the Company is suspending its revenue guidance as it continues to work through supply chain challenges. Specifically, production delays of printed circuit board assemblies have resulted in a shift in the delivery schedule of committed customer orders. The Company expects to deliver the current backlog of $70M over the course of Q4 2022 through Q2 2023.
While the order pipeline continues to expand, intake is slower than expected and as such the Company is also revising its orders guidance to $80M-$100M from previous guidance of $100M- $120M.
CONTACTS
Julie Andrews, CFO
E-mail: julie.andrews@smartwires.com
Tel: +1 (901) 687-8314
Smart Wires' Certified Adviser is Erik Penser Bank AB, Apelbergsgatan 27, Box 7405, SE-103 91 Stockholm, E-mail: certifiedadviser@penser.se,Tel: 08-463 83 00, www.penser.se.
This information is information that Smart Wires Technology Ltd is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2022-10-10, 22:00 CET.
ABOUT SMART WIRES TECHNOLOGY LTD.
Smart Wires conducts grid technology business that helps utilize, modernize, optimize and monetize grid capacity to meet the demands and opportunities of the energy transition. The Company operates in the global transmission grid technology market and is a leader in modular power flow control technology. Power flow control technology controls and directs power flow on high voltage electric transmission systems. Smart Wires serves transmission owners, primarily electric utilities. Transmission owners use power flow controllers to eliminate line overloads by redirecting power to other lines, to reduce transmission congestion, and to enable renewable energy connection and dispatch. Currently, Smart Wires' main projects are located in Europe, the United States and Australia with upcoming projects in South America and Canada. The Company has a large customer base comprised of utilities globally. For more information, please visit www.smartwires.com.