Bittium Oyj

Bittium Corporation announced a change in its management group with the appointment of Erik Ahnger as Vice President of Business Development, effective by January 7, 2025. Ahnger, who will report to CEO Johan Westermarck, previously held roles at Patria Plc, Helmet Capital, and PwC. This appointment is part of Bittium's strategic shift from a product development focus to a growth and customer-oriented model. The management group will include CEO Johan Westermarck, CFO Petri Hiljanen, CLO Kari Jokela, VP Communications and Sustainability Karoliina Malmi, and heads of various business segments. Bittium specializes in secure communications and connectivity solutions, with 2023 net sales of EUR 75.2 million and an operating loss of EUR 4.3 million. The company is listed on Nasdaq Helsinki.

Bittium Corporation announced that a consortium led by its subsidiary, Bittium Wireless Ltd, has signed a framework agreement with Lockheed Martin. This agreement is part of the indirect industrial cooperation related to Finland's F-35 fighter jet procurement. The three-year project, valued at approximately USD 3.8 million, involves developing cyber situational awareness for tactical networks. Other consortium members include VTT Technical Research Centre of Finland Ltd and Huld Oy. The project aims to enhance the cyber resilience of Bittium's Tactical Wireless IP Network™ and Tough SDR™ radios, benefiting the Finnish Defence Forces. This agreement continues the existing collaboration between the consortium and Lockheed Martin, focusing on improving tactical communications systems.

Bittium Corporation announced that it will supply the Estonian Defence Forces with additional products to enhance next-generation tactical communications. This order is part of a Framework Agreement between Bittium’s Estonian partner and the Estonian Defence Forces, covering the years 2021 to 2025. The new products aim to improve the IP data transfer capability of the Estonian Land Forces and include the Bittium Tactical Wireless IP Network™ (TAC WIN), Bittium Tough Comnode™ devices, and Bittium Tough VoIP Field Phone™ 2 products, among others. The value of the order is approximately EUR 1.8 million, with deliveries starting in 2024. Bittium, a Finnish company with over 35 years of experience, specializes in advanced radio communication technologies and secure communications solutions.

Bittium Corporation's Half-Year Financial Report for January-June 2024 reveals significant improvements in net sales and operating results. The company has adopted segment-based financial reporting, covering Defense & Security, Medical, Engineering Services, and Group Functions. In Q2 2024, net sales in the Defense & Security segment grew notably due to increased deliveries and service projects, while the Medical and Engineering Services segments saw declines due to regulatory delays and market challenges. Overall, Q2 net sales were EUR 19.8 million, a 4.4% year-on-year decrease, but operating profit improved to EUR 1.9 million. For the first half of 2024, net sales increased by 6.5% to EUR 37.9 million, with operating profit reaching EUR 2.9 million. The company made significant strides in its Defense & Security segment, signing important international agreements and continuing cooperation with the Finnish Defense Forces. The Medical segment faced delays due to stricter regulatory requirements but continued to strengthen its organization and operations. Engineering Services saw project delays due to market conditions but secured new deals in the telecom and construction industries. Bittium maintains its financial outlook for 2024, expecting net sales of EUR 85-95 million and an operating result of EUR 7.0-9.5 million. A press conference will be held on August 9, 2024, to discuss the report further.

Bittium Corporation announced that it will publish its Half-Year Financial Report for January-June 2024 on Friday, August 9, 2024, at 8.00 am (CEST+1). The report will be available on the company’s website immediately after publication. A webcast for media, analysts, and institutional investors will follow at 9.00 am (CEST+1) in English, with a recording and presentation accessible later on the company’s website. Bittium specializes in secure communications and connectivity solutions, information security for mobile devices, and healthcare technology products. In 2023, the company reported net sales of EUR 75.2 million and an operating loss of EUR 4.3 million. Bittium is listed on Nasdaq Helsinki. For more information, contact Karoliina Malmi, Vice President of Communications and Sustainability.