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Sierra Wireless (NASDAQ: SWIR) held its annual general meeting on June 2, 2021, where all eleven nominees proposed by management were successfully elected to the Board of Directors. The votes showed high approval rates, with James R. Anderson receiving 98.86% in favor. Other resolutions included the reappointment of Ernst & Young as auditors, and amendments to the Treasury Based Restricted Share Unit Plan and Stock Option Plan, which were approved with 76.14% and 92.82%, respectively. No other business was conducted at the meeting.
Sierra Wireless (NASDAQ: SWIR) has launched the EM92 Series, a new generation of 5G mobile broadband embedded modules. These modules feature 3GPP Release 16 capabilities, ensuring secure and high-speed connectivity globally for various applications, including routers and industrial automation. Built on Qualcomm's advanced modem technology, the EM92 Series supports new IoT applications like live streaming and smart cities. The modules are compatible with major U.S. carriers, enhancing deployment opportunities for connected devices.
Sierra Wireless reported Q1 2021 results with total revenue of $108.1 million, a 4.9% increase year-over-year. The IoT Solutions segment saw revenue rise by 9.1% to $74.6 million, while Enterprise Solutions decreased by 3.3% to $33.5 million. The gross margin improved to 34.9% from 33.9% year-over-year. The company also faced challenges from a ransomware attack and supply chain constraints, impacting operations and cash reserves, which totaled $112.2 million as of March 31, 2021, down from $171.4 million in Q4 2020.
Sierra Wireless (NASDAQ: SWIR) has launched the XR Series of multi-network 5G routers, enhancing its IoT solutions. The two initial models, XR90 and XR80, support high-speed data transfer and low latency, ideal for mission-critical applications. These routers ensure optimal performance by connecting to the best available network and feature a robust design for industrial use. Pricing starts at US $1,299 for the XR80 and US $1,899 for the XR90. The XR90 is already shipping, while the XR80 is expected to ship in Q3 2021.
Sierra Wireless (NASDAQ: SWIR) will announce its financial results for Q1 ending March 31, 2021, on May 13, 2021. The conference call hosted by President and CEO Kent Thexton and CFO Sam Cochrane will occur at 5:30 PM ET. Analysts and investors can access the call by dialing 1-877-201-0168 (toll-free) or via an available webcast at a provided link. The presentation will remain accessible for one year post-call. As a leading IoT solutions provider, Sierra Wireless focuses on enhancing operational efficiency and generating revenue through innovative connectivity solutions.
Sierra Wireless (NASDAQ: SWIR) announced the launch of its Ready-to-Connect function for AirLink routers in Europe, designed to streamline business operations and globally manage connectivity. This capability integrates key elements such as a pre-configured SIM and a centralized cloud platform to facilitate device management. Customers can expect benefits including enhanced security, 24/7 technical support, and faster device activation. The initial rollout includes the LX40, LX60, and RV55 routers, with further expansion to North America planned.
Sierra Wireless (NASDAQ: SWIR) has launched Acculink Cargo, a managed IoT solution for tracking high-value assets. This solution allows companies to monitor asset conditions and locations in near real-time, crucial for industries like electronics and food shipping. The asset tracking market is projected to grow from $17.14 billion in 2020 to $34.82 billion by 2026, reflecting a compound annual growth rate of 13.45%. Acculink Cargo features quick deployment, accurate tracking via GPS and LTE, and flexible subscription pricing, enhancing supply chain visibility and operational efficiency.
Sierra Wireless (NASDAQ: SWIR) has resumed production following a ransomware attack that temporarily halted operations. The company engaged top cybersecurity firms for incident response and investigation. Sierra Wireless maintains that its internal systems were affected but believes that customer products and services were not compromised. They are actively working to restore operations and emphasize their commitment to security.
Sierra Wireless (NASDAQ: SWIR) reported a ransomware attack on its internal IT systems on March 20, 2021, impacting manufacturing and operations. The company immediately activated cybersecurity protocols and believes the attack mainly affected internal systems, with no immediate threat to customer-facing products. Production has been halted, and the company has withdrawn its First Quarter 2021 guidance. Sierra Wireless is currently working to restore its IT systems and resume operations, asking for patience from customers and partners during this recovery period.
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