SWIR - SWIR STOCK NEWS

Sierra Wireless (NASDAQ: SWIR) announced preliminary financial results for Q2 2022, expecting revenues between $185 million and $189 million. Adjusted EBITDA is projected to be $21 million to $23 million, up from $15.8 million in Q1 2022. The company also confirmed its acquisition by Semtech Corporation, leading to the cancellation of its financial results call on August 11, 2022. Due to the acquisition, no financial guidance will be provided for Q3 2022. This acquisition and the financial metrics are subject to final quarter-end adjustments.

Semtech Corporation has announced its acquisition of Sierra Wireless for US$31 per share, totaling approximately US$1.2 billion. This strategic move is projected to almost double Semtech's annual revenue and add over US$100 million in high-margin recurring IoT Cloud revenues. The deal is expected to enhance Semtech's IoT addressable market by 10x, reaching US$10 billion by 2027. Anticipated operational synergies of US$40 million are expected within 12-18 months post-closure.

Semtech Corporation (Nasdaq: SMTC) has initiated discussions for a potential acquisition of Sierra Wireless, Inc. (Nasdaq: SWIR) at a price of US$31 per share. Semtech emphasizes that there are no guarantees regarding the continuation of these discussions or the finalization of any agreement. The company does not plan to issue further updates until a binding agreement is reached. Semtech, a global leader in analog and mixed-signal semiconductors, aims to advance its market position through this potential transaction.

Sierra Wireless (NASDAQ: SWIR) has entered advanced discussions regarding a potential transaction with Semtech Corporation (NASDAQ: SMTC) at a proposed price of US$31 per share. No assurances have been made regarding the continuation of these discussions or the completion of any transaction. Sierra Wireless plans to refrain from further announcements until a definitive agreement is finalized. This ongoing negotiation highlights Sierra's strategic positioning within the IoT solutions market, where it aims to deliver enhanced value to its customers.

Sierra Wireless (NASDAQ: SWIR) will announce its Q2 2022 financial results on August 11, 2022. The results will be discussed in a conference call hosted by Phil Brace, CEO, and Sam Cochrane, CFO, at 5:30 p.m. ET the same day. To join, dial 1-888-886-7786 or 1-416-764-8658 with Conference ID 82470637. A webcast will be available for those unable to attend live, accessible at this link post-call. Sierra Wireless leads in IoT solutions, leveraging its expertise for improved operational efficiency.

Sierra Wireless has collaborated with EarthCam to integrate its AirLink® XR80 5G router into the world's first multi-network 5G camera system, the StreamCam 5G. This partnership aims to enhance live-streaming capabilities, safety, and analytics by leveraging ultra-low latency 5G connectivity. EarthCam's system offers 4K streaming and AI functionalities, significantly improving data transfer times for projects like the Los Angeles SoFi Stadium and World Trade Center. The XR80 router is designed for mission-critical applications, ensuring reliable connectivity for remote video monitoring.

On June 2, 2022, Sierra Wireless conducted its annual general meeting, where all eight management-nominated board members were elected, receiving over 97% approval. Key resolutions included the reappointment of Ernst & Young as auditors, approval of amendments to the restricted share unit plan, and a non-binding resolution on executive compensation, which garnered 97.29% support. This strong shareholder backing demonstrates confidence in the company's governance and strategic direction as it continues to lead in IoT solutions.

Sierra Wireless reported Q1 2022 revenue of $173.0 million, a 60.1% increase from Q1 2021, driven by strong demand and inventory investments. Adjusted EBITDA reached $15.8 million, compared to a loss of $4.4 million last year. However, gross margin declined to 31.8% due to product mix and one-time costs. The company also incurred a $10.3 million impairment charge related to its home security business. Cash reserves grew to $97.4 million following a $45.8 million debt drawdown. Guidance for Q2 2022 expects revenue between $160 million and $175 million amid uncertainties from the COVID-19 pandemic.

Sierra Wireless has announced the integration of its HL78 Series module into the HIVE-ZOX tracking solution. This advancement enables global connectivity and real-time visibility for COVID vaccine shipments, enhancing quality control across the supply chain.

The HL78 Series offers best-in-class power performance for low-bandwidth applications with features like 2G fallback and GNSS for precise locations. This collaboration enhances HIVE-ZOX's capability to monitor environmental conditions, reduce waste, and ensure product quality.