u-blox AG: u-blox Reports First Nine Months 2023 Revenue of CHF 436 Million

Rhea-AI Summary

u-blox announces preliminary revenues for the first nine months of 2023, with a decrease compared to the same period in 2022. CEO remains confident about long-term outlook and growth trajectory.

Positive

• u-blox generated revenues of CHF 436 million in the nine months of 2023, compared to CHF 475 million in the same period in 2022.

Negative

• Foreign exchange rates had a negative effect on revenues of -4%.

THALWIL, SWITZERLAND / ACCESSWIRE / October 11, 2023 / u-blox (SIX:UBXN), a global leader in wireless and positioning technologies, today announced its preliminary (unaudited) revenues for the first nine months of 2023 ending 30 September.

u-blox generated revenues of CHF 436 million in the nine months of 2023, compared to CHF 475 million in the same period in 2022. Foreign exchange rates had a negative effect on revenues of -4%.

Stephan Zizala, CEO of u-blox, stated, "As previously indicated, after two years of strong double-digit growth, revenues in all regions and markets were lower in the third quarter of 2023, reflecting mainly higher inventory levels at our customers in a weak market environment. Our expectations for 2023 remain unchanged with an improvement in Q4 2023 over Q3. I remain very confident about u-blox's long-term outlook and growth trajectory, thanks to our strong structural growth drivers in automotive and industrial target applications."

Operational highlights

Automotive

• Launch of u-safe, a comprehensive functional safety solution for vehicle positioning, designed to accelerate the adoption of autonomous vehicles. Typical use cases include automated and assistance systems (ADAS) Level 3 and above applications requiring high-integrity and functional safety features. u-blox is the only supplier in the market today to offer a functional-safety-and-SOTIF compliant safe end-to-end positioning solution combining proprietary hardware with customized software and correction service.

Industrial

• Double digit million USD design-win and first orders for u-blox's newly announced cellular and satellite IoT module, SARA-S520M10L. The unique cellular and satellite IoT module offers accurate, low-power positioning, and ubiquitous connectivity. The module's communication and tracking capability is ideal for asset tracking, fleet management, maritime transportation, and smart agriculture applications.
• New LEXI-R10, ultra-small LTE Cat 1bis IoT module in a 16 x 16 mm form factor. The module adapts perfectly to size-demanding designs, making it ideal for use cases such as asset tracking and aftermarket telematics.

Conference call

u-blox will hold a brief Q&A session to discuss its nine months 2023 revenues today, October 11, 2023, at 14:00 CET. For registering to the conference call, please click here .

For further information, please contact:

Rafael Duarte
Head of Investor Relations
Phone: +41 79 966 89 12
rafael.duarte@u-blox.com

Lena Cati
The Equity Group Inc.
Phone: +1 (212) 836-9611
lcati@equityny.com

About u-blox

u‑blox (SIX:UBXN) is a global technology leader in positioning and wireless communication in automotive, industrial, and consumer markets. Their smart and reliable solutions, services and products let people, vehicles, and machines determine their precise position and communicate wirelessly over cellular and short-range networks. With a broad portfolio of chips, modules, and secure data services and connectivity, u‑blox is uniquely positioned to empower its customers to develop innovative and reliable solutions for the Internet of Things, quickly and cost‑effectively. With headquarters in Thalwil, Switzerland, the company is globally present with offices in Europe, Asia, and the USA.

(www.ublox.com)

Find us on Facebook , LinkedIn , Twitter @ublox , Instagram and YouTube

Disclaimer
This release contains certain forward‑looking statements. Such forward‑looking statements reflect the current views of management and are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of the u‑blox Group to differ materially from those expressed or implied. These include risks related to the success of and demand for the Group's products, the potential for the Group's products to become obsolete, the Group's ability to defend its intellectual property, the Group's ability to develop and commercialize new products in a timely manner, the dynamic and competitive environment in which the Group operates, the regulatory environment, changes in currency exchange rates, the Group's ability to generate revenues and profitability, and the Group's ability to realize its expansion projects in a timely manner. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this report. u‑blox is providing the information in this release as of this date and does not undertake any obligation to update any forward‑looking statements contained in it as a result of new information, future events or otherwise.

SOURCE: u-blox AG

View source version on accesswire.com:
https://www.accesswire.com/791887/u-blox-ag-u-blox-reports-first-nine-months-2023-revenue-of-chf-436-million

FAQ

What were u-blox's revenues for the first nine months of 2023?

u-blox generated revenues of CHF 436 million.

How does the revenue compare to the same period in 2022?

The revenue decreased compared to the same period in 2022.

What was the negative effect on revenues?

Foreign exchange rates had a negative effect of -4%.