- Record Q2 revenue of
$23.2 million reflecting growth of 64% over Q2 2020 - Q2 EBITDA adjusted of
$3.2 million , compared with$3.1 million in Q2 2020 - First-half 2021 revenue grew 107% to
$48.2 million , and EBITDA adjusted increased 140% to$7.9 million - SimSports R&D investment of
$0.7 million in Q2, with launch of first products expected later this year - G&E investments increased to support future revenue growth
- 2021 Group revenue expectation maintained at increase of 20% to 30% over 2020 revenue of
$72.8 million - Gross margin is expected to normalize to between 40% and 45% in 2021 and operating income expectation is revised to the range of
$8 to$12 million (previously$11-$16 million ), compared with$10.9 million in 2020
Gross margin was 42% for the second quarter and 43% in the first half of 2021 compared with a record level 51% in the each of the same periods of 2020. The decline reflects a change in the mix of product shipments, increases in certain component costs due to the ongoing global component shortage, and a weaker
"We experience continued strong demand for our Gaming and Enthusiast products as reflected in record revenue for the second quarter and the first half. This provides a robust platform for investing in future growth. However, high product development activity combined with increased costs for certain components, IP defense and FX impacted margins for the period," said
Operating income was
Operating expense included R&D investment in the new SimSports line of business of
In April, to offset an approved employee option grant, the Board of Directors authorized the repurchase of 237 thousand shares for up to
At
During the quarter, the Company announced that
In the first quarter,
In 2021, various factors including production constraints and the accelerated digital transformation brought upon by the COVID-19 pandemic has led to a shortage of semiconductor chips. This shortage has constrained the ability of both the Company's suppliers and customers to fulfill demand, thereby limiting
The Company recognizes uncertainty related to potential impact from COVID-19 and the global semiconductor chip shortage. Any such uncertainty is not included in the expectations for 2021.
Conference call and webcast today Thursday, 12 August at
CEO
Webcast - audio and slide presentation: Please join the Q2 2021 results webcast via the following link:
https://streams.eventcdn.net/asetek/q2-2021/register
Conference call - audio only: Please dial in 5-10 minutes prior using the phone numbers and confirmation code below:
| +45 7872 3252 |
| +47 2396 3688 |
| +49 6913 8034 52 |
| +44 (0) 3333 00 9032 |
| +1 631 913 1422 (US only PIN: 14473374#) |
Material:
The second quarter report and presentation are available online at www.asetek.com (https://ir.asetek.com/) and www.newsweb.no, as well as through news agencies.
A recorded version of the presentation will be made available at www.asetek.com (https://ir.asetek.com/) approximately two hours after the presentation has concluded.
Q&A:
The conference call lines will be opened for participants to ask question at the end of the presentation. Questions can also be submitted through the online webcast during the presentation.
For questions or further information, please contact:
CEO and Founder
CFO
About
www.asetek.com
This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act. This
https://news.cision.com/asetek/r/asetek---q2-2021--record-second-quarter-revenue-on-strong-gaming-and-enthusiast-demand,c3395545
https://mb.cision.com/Main/6758/3395545/1453286.pdf
https://mb.cision.com/Public/6758/3395545/b297f574cae3329c.pdf
https://mb.cision.com/Public/6758/3395545/91ae8482f4c0481b.pdf
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