• Net sales of SEK0.0m (SEK0.0m) came as no surprise as Wyld commenced delivering modules and terminals from its order book in October. I.e., we should start to see a ramp-up in sales in Q4’23, although we expect the initial volumes to be reasonably low.
• Operating expenses (ex. D&A) amounted to SEK15.8m (SEK9.5), slightly higher than our estimate of SEK14.5m. The higher-than-expected OPEX was derived from one-off financial costs due to the capital raise and the settlement of substantial audit fees.
• During the quarter, Wyld carried out a directed issue of shares and units, securing SEK15m in funding and targeting two new investors and one existing. Wyld also decided to carry out a free-of-charge rights issue of units consisting of series TO4 and TO5 warrants to existing shareholders. Furthermore, Wyld formalised a loan agreement amounting to SEK15m with the two new investors from the directed share issuance, Buntel and Exelity.
• Cash flow from operating activities (after changes in working capital) was negative at SEK11.3m: by the end of the quarter, cash and cash equivalents amounted to SEK32.7m.
• Throughout Q3’23, Wyld unveiled four new customer agreements with Novecom (Australia), ConocoPhillips (North America), Pontus (Caribbean and Latin America), and Energy Automation Technologies (South America). These customers span across diverse market segments, including the energy, maritime, agriculture, and transportation sectors.
• In addition to the customer’s agreements, Wyld entered into a distribution and system integration agreement with Net Reply, a subsidiary of Reply Group, to integrate and sell the Wyld Connect satellite IoT solution.
• During Q3’23, Wyld signed an agreement with SpaceX to discuss potential areas of cooperation. SpaceX and Wyld will initially explore the potential of providing remote connectivity in North, Central and South America

• Overall, we see a Q3’23 report from Wyld without any significant surprises and where most of the business activities already had been announced. The substantial business activity during the quarter is encouraging and reinforces our positive outlook, particularly in the medium-term perspective. The latest share issue and the loan have stabilised the cash position to cSEK33m and, in our view, enabled the management to focus entirely on executing its strategy instead of raising capital.
• Based on our initial thoughts, we expect to make only minor adjustments to our fair value range and Base case.
• In the next couple of days, we will publish an interview with the CEO of Wyld Networks, Alastair Williamson. The discussion will cover the Q3’23 report and the recent news flow from Wyld.