NuRAN Wireless Reports Third Quarter 2024 Financial Results
NuRAN Wireless reported Q3 2024 financial results showing significant growth. Revenue increased 96% to $1,563,061, with gross profit reaching $765,737 compared to a loss in the previous year. The company's Network as a Service (NaaS) expansion in Cameroon drove revenue growth. Total expenses increased 30% to $4,185,595, mainly due to higher financial expenses from short-term borrowings. The company recorded a net loss of $3,220,575. Notable developments include a US$32.2 million NaaS agreement with MTN Benin for up to 200 sites, receipt of a US$2.5M drawdown from FEI, and closing of a US$1.6M convertible debenture.
NuRAN Wireless ha riportato i risultati finanziari del terzo trimestre 2024, mostrando una crescita significativa. I ricavi sono aumentati del 96% a $1,563,061, con un profitto lordo che ha raggiunto $765,737, rispetto a una perdita dell'anno precedente. L'espansione del Network as a Service (NaaS) dell'azienda in Cameroon ha guidato la crescita dei ricavi. Le spese totali sono aumentate del 30% a $4,185,595, principalmente a causa di spese finanziarie più elevate derivanti da prestiti a breve termine. L'azienda ha registrato una perdita netta di $3,220,575. Sviluppi notevoli includono un accordo NaaS da 32,2 milioni di dollari con MTN Benin per fino a 200 siti, la ricezione di un prelievo di $2,5 milioni da FEI, e la chiusura di una cambiale convertibile da $1,6 milioni.
NuRAN Wireless informó sobre los resultados financieros del tercer trimestre de 2024, mostrando un crecimiento significativo. Los ingresos aumentaron un 96% a $1,563,061, con una ganancia bruta que alcanzó los $765,737 en comparación con una pérdida en el año anterior. La expansión del Network as a Service (NaaS) de la compañía en Camerún impulsó el crecimiento de los ingresos. Los gastos totales aumentaron un 30% a $4,185,595, principalmente debido a un mayor gasto financiero derivado de préstamos a corto plazo. La compañía reportó una pérdida neta de $3,220,575. Los desarrollos notables incluyen un acuerdo de NaaS de 32.2 millones de dólares con MTN Benin para hasta 200 sitios, la recepción de un desembolso de $2.5 millones de FEI, y el cierre de un pagaré convertible de $1.6 millones.
NuRAN Wireless는 2024년 3분기 재무 결과를 보고하며 상당한 성장세를 나타냈습니다. 수익은 96% 증가한 $1,563,061에 이르렀고, 총 이익은 지난 해의 손실과 비교하여 $765,737에 도달했습니다. 카메룬에서의 서비스로서의 네트워크(NaaS) 확장이 수익 성장을 이끌었습니다. 총 경비는 30% 증가하여 $4,185,595에 이르렀으며, 이는 주로 단기 차입금의 금융 비용 증가 때문이었습니다. 회사는 $3,220,575의 순손실을 기록했습니다. 주목할 만한 발전으로는 MTN 베냉과의 3,220만 달러 NaaS 계약 (최대 200개 사이트), FEI로부터의 $2.5M 인출 수령, $1.6M 전환사채의 마감이 포함됩니다.
NuRAN Wireless a annoncé les résultats financiers du troisième trimestre 2024, montrant une croissance significative. Les revenus ont augmenté de 96 % pour atteindre 1,563,061 $, avec un bénéfice brut atteignant 765,737 $ par rapport à une perte l'année précédente. L'expansion du Network as a Service (NaaS) de l'entreprise au Cameroun a stimulé la croissance des revenus. Les dépenses totales ont augmenté de 30 % pour atteindre 4,185,595 $, principalement en raison de l'augmentation des frais financiers liés aux emprunts à court terme. L'entreprise a enregistré une perte nette de 3,220,575 $. Les développements notables incluent un accord NaaS de 32,2 millions de dollars avec MTN Bénin pour jusqu'à 200 sites, la réception d'un tirage de 2,5 millions de dollars de FEI, et la clôture d'une obligation convertible de 1,6 million de dollars.
NuRAN Wireless berichtete über die finanziellen Ergebnisse des dritten Quartals 2024, die ein signifikantes Wachstum zeigen. Der Umsatz stieg um 96% auf $1,563,061, wobei der Bruttogewinn $765,737 erreichte im Vergleich zu einem Verlust im Vorjahr. Die Expansion des Network as a Service (NaaS) des Unternehmens in Kamerun trieb das Umsatzwachstum voran. Die Gesamtausgaben stiegen um 30% auf $4,185,595, hauptsächlich aufgrund höherer Finanzaufwendungen aus kurzfristigen Krediten. Das Unternehmen verzeichnete einen Nettoverlust von $3,220,575. Bemerkenswerte Entwicklungen umfassen einen NaaS-Vertrag über 32,2 Millionen US-Dollar mit MTN Benin für bis zu 200 Standorte, den Erhalt eines $2,5 Millionen Abrufs von FEI und den Abschluss eines $1,6 Millionen wandelbaren Schuldscheins.
- Revenue increased 96% YoY to $1,563,061
- Gross profit improved to $765,737 from -$93,225 last year
- Secured US$32.2M NaaS agreement with MTN Benin for 200 sites
- Received US$2.5M drawdown from FEI facility
- Nine-month net loss decreased 14% YoY
- Net loss of $3,220,575 in Q3 2024
- Total expenses increased 30% to $4,185,595
- Higher financial expenses due to short-term borrowings
- Issued convertible debenture with 15% interest rate and 25% original issuance discount
QUEBEC, QC / ACCESSWIRE / November 28, 2024 / NuRAN Wireless Inc. ("NuRAN" or the "Company") (CSE:NUR)(OTCQB:NRRWF)(FSE:1RN), a leading supplier of mobile and broadband wireless infrastructure solutions, is pleased to announce its financial results for the third quarter ended September 30, 2024:
Highlights of the Company's financial results for the three months ended September 30, 2024, include the following:
Revenue of
$1,563,061 compared to$797,067 for the three months ended September 30, 2024, an increase of96% , largely attributed to the Network as a Service ("NaaS") revenue growth including the billing of revenue in Cameroon related to 2023 and 2024 and not yet invoiced.Gross profit of
$765,737 compared to$(93,225) for the three months ended September 30, 2024, an improvement of61% . At49% for the quarter, the results support the company's trajectory on gross margin for its operations. The GP % was less than Q2 2024 mainly due to IFRS 15 adjustments related to new build during the quarter.Total expenses of
$4,185,595 compared to$3,208,937 for the three months ended September 30, 2024, an increase of30% , largely attributed to an increase in financial expenses related to short term borrowings.Net Loss of
$3,220,575 compared to$3,302,317 for the three months ended September 30, 2024.
Highlights of the Company's financial results for the nine months ended September 30, 2024, include the following:
Revenue of
$3,688,827 compared to$2,068,365 , for the nine months ended September 30, 2024, an increase of87% , directly attributable to the increase in live NaaS sites and CAPEX sales including partial delivery of the Marshall Islands project and other direct sales.Gross profit of
$2,028,747 compared to$(63,349) for the nine months ended September 30, 2024, an improvement of58% to reach55% .Total expenses of
$11,135,470 compared to$8,989,255 for the nine months ended September 30, 2024, an increase of23.8% .Net Loss of
$8,131,565 compared to$9,475,448 for the nine months ended September 30, 2024, a decrease of14% .
"Revenue and gross profit continue to trend in the right direction largely attributed to our expanding operations in Cameroon. Short-term financial expenses are weighing on our financial performance, yet we remain confident that we will be able to address this in the short term as we move towards positive EBITDA in 2025. Our sites continue to perform with key performance metrics continuously improving beyond expectations with Cameroon leading the way. We remain focused on building more sites as quickly as possible and diversifying our site builds in multiple countries as we demonstrate the effectiveness and robustness of our business model", stated Francis Letourneau, President and CEO of NuRAN Wireless Inc.
Highlights from the Quarter and Recent Highlights Include:
On July 16, 2024, NuRAN announced a US
$ 32.2 million NaaS agreement for up to 200 sites with MTN Benin (JSE: MTN) for the deployment of rural 2G, 3G and 4G sites under the Network-as-a-Service ("NaaS") business model in Benin, West Africa. The 5-year agreement with MTN Benin now places NuRAN in 8 countries for 5092 sites throughout Sub-Saharan Africa with NaaS agreements signed. The contract includes a renewal for an additional 5 years at the end of the initial term. This agreement has been signed under the MTN Framework Agreement announced on July 21, 2022, serving as further evidence of the strong partnership between MTN and NuRAN both dedicated to empowering lives in rural communities across Africa;On July 16, 2024, the Company announced that the initial US
$ 2.5M drawdown from the Facility for Energy Inclusion ("FEI") has been received allowing for the resumption of site construction;On August 19, 2024, NuRAN announced the closing of a non-brokered private placement of an unsecured convertible debenture (the "Debenture") for aggregate gross proceeds of US
$ 1.6M . The Debenture has a two-year term and accrues interest at a rate of15% per annum until the Maturity Date. The principal amount of Debenture is US$2,194,772 after application of an original issuance discount of25% and including all applicable fees. The Debenture may be converted into units of the Company (each, a "Unit") at a conversion price of CDN$ 0.22 5 per Unit (the "Conversion Price") with each Unit consisting of one common share and one common share purchase warrant exercisable into one common share at a price of CDN$ 0.25 . Under the terms of the Debenture, the Company also granted a participation right in future equity financings up to a9.9% equity interest in the Company.
About NuRAN Wireless:
NuRAN Wireless is a leading rural telecommunications company that meets the growing demand for wireless network coverage in remote and rural regions around the globe. With its affordable and innovative scalable solutions of 2G, 3G, and 4G technologies, NuRAN Wireless offers a new possibility for more than one billion people to communicate effectively over long distances efficiently and affordably. "Bridging the Digital Divide, One Connection at a Time."
Additional Information:
For further information about NuRAN Wireless: www.nuranwireless.com
Francis Létourneau,
Director and CEO
Francis.letourneau@nuranwireless.com
Tel: (418) 264-1337
Frank Candido
Investor relations
Frank.candido@nuranwireless.com
Tel: (514) 969-5530
Neither the Canadian Securities Exchange nor its Market Regulator (as defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
This news release contains forward-looking statements and forward-looking information (collectively referred to herein as "forward-looking statements") within the meaning of applicable Canadian securities laws. All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "achieve", "could", "believe", "plan", "intend", "objective", "continuous", "ongoing", "estimate", "outlook", "expect", "may", "will", "project", "should" or similar words, including negatives thereof, suggesting future outcomes. Forward looking statements are subject to both known and unknown risks, uncertainties and other factors, many of which are beyond the control of Nuran, that may cause the actual results, level of activity, performance or achievements of Nuran to be materially different from those expressed or implied by such forward looking statements, including but not limited to management's business strategy for 2024. Although Nuran has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Forward-looking statements are not a guarantee of future performance and involve a number of risks and uncertainties, some of which are described herein. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause Nuran''s actual performance and results to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Any forward-looking statements are made as of the date hereof and, except as required by law, neither Nuran assumes no obligation to publicly update or revise such statements to reflect new information, subsequent or otherwise. Accordingly, readers should not place undue reliance on forward looking information. Other factors which could materially affect such forward-looking information are described in the risk factors in the Company's most recent annual management's discussion and analysis that is available on the Company's profile on SEDAR at www.sedar.com.
SOURCE: Nuran Wireless Inc
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