- Reports increased business activity led by APAC region and automotive sector
- No paradigm shift expected on long-term strategy and growth drivers; however near-term outlook impacted by uncertainty from Covid-19
THALWIL, SWITZERLAND / ACCESSWIRE / November 25, 2020 / u-blox (SIX:UBXN)(OTCPINK:UBLXF), a global leader in wireless and positioning technologies, today is hosting its annual Capital Markets' Day for analysts and investors. As part of its business update, u-blox reports that it is observing increased activity across the company's segments and industries following the downturn experienced during the second and third quarters of 2020 due to the difficult Covid-19 environment. u-blox' business activities have rebounded most strongly in APAC where economies reopened earlier compared to other regions. The company also reports that the automotive sector, which was severely impacted by global production and business shutdowns, has exhibited resurgent activity and is a key driver leading the recent rebound of the company's performance. Monthly bookings of purchase orders have increased strongly each sequential month since May.
While recent developments are positive, there is still considerable uncertainty heading into 2021 given the mounting risks from the second wave of Covid-19 infections and ensuing lockdown situations worldwide. The company is focused on ensuring that it remains in a strong financial position and has instituted cost saving and efficiency measures totaling CHF 15 million annualized. R&D priorities and expenditures are being scrutinized in order to balance u-blox's technology leadership and innovation with free cash flow objectives.
Despite the present challenges posed by Covid-19, the company sees no paradigm shifts on the key megatrends driving the long-term strategy and growth perspectives and continues to focus on creating the next generation of wireless connectivity technology.
On the product side, in early November u-blox launched u-blox M10, its latest highly integrated GNSS (global navigation satellite system) platform which was fully designed in-house. With M10, u-blox sets a new benchmark in ultra-low power high performance positioning applications. The M10 is tailored to the needs of wearable and industrial applications, providing ultra-low power positioning performance without sacrificing accuracy and availability. It is ideal for a wide range of small battery-powered applications, including consumer sports watches and asset trackers for varied items such as shipping containers or livestock management. The enhanced capability of u-blox M10 is expected to fuel numerous innovative applications.
Outlook - Full Year 2020
u-blox previously withdrew its full-year 2020 guidance at its half-year 2020 reporting date due to lack of visibility. At this time, due to UK Takeover Code rules and the recent announcement of a possible offer for Telit Communications plc, we are currently unable to provide guidance for full year 2020. The company expects to be able to provide earnings guidance in the near future and will provide an update in due course.
Today's Capital Markets' Day Webcast will take place at 16.00 CET
u-blox is hosting today its Capital Markets' Day event for analysts and investors. Management will conduct a series of formal presentations, followed by a question and answer session. The slide presentation and webcast will be accessible via the Investors section of the company's website at https://www.u-blox.com/en/reporting-center#tab-presentations
Pre-registration link: https://ccwebcast.eu/links/ublox201125/indexl.html
Participants may call the following numbers, 10-15 minutes before the conference call:
Switzerland / Europe: +41 (0) 58 310 50 00
United Kingdom: +44 (0) 207 107 06 13
United States: +1 (1) 631 570 56 13
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.u-blox.com)
Find us on Facebook, LinkedIn, Twitter @ublox and YouTube
u‑blox investor releations contacts:
Switzerland and Europe:
Doris Rudischhauser, c/o Dynamics Group AG
Phone: +41 79 410 81 88
Jeehae Linford, c/o The Equity Group Inc.
Phone: +1 (404) 840-3122
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.
This press release is published in German and English. Should the German translation differ from the English original, the English version is binding.
SOURCE: u-blox AG via EQS Newswire
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