Endelig:)
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Executive Summary
This annual report presents a comprehensive
review of our company’s financial performance
and current standing to our esteemed
investors. Despite encountering challenges,
we have achieved noteworthy milestones over
the past year.
Although our income experienced a 50%
decline compared to the previous year, it is
essential to note that a significant portion of our
revenue came from successful participation in
lucrative governmental programs. Meanwhile,
salaries remained the primary expense on the
expenditure side.
Our nanosatellite constellation in orbit
remains our most valuable tangible asset,
representing a substantial achievement and
a strong foundation for future growth. During
2022, we successfully launched an additional
4 satellites in November, and then followed
that with another successful launch of 4
satellites in early January 2023.
While we faced negative cash flow in 2022,
which was expected, we demonstrated
our ability to attract strategic partners and
investors, we secured investments through
Convertible Notes to cover the cash needs of
the company.
As a company in the ramp-up phase, achieving
a positive operating result remains a pending
goal. We recognize the inherent risks in
operating in this dynamic industry and have
taken steps to reduce capital expenditure for
the remainder of 2023.
Although we faced challenges in fundraising
during 2022 with the cancelled proposed
IPO on Euronext Growth Paris leading to
difficulties in meeting financial obligations,
we are actively seeking additional funding
to address this situation as disclosed in our
press release on 15th February 2023.
We acknowledge that our current situation is
not unusual for a startup in the space industry.
However, we have surpassed expectations by
successfully operating a commercial satellite
IoT constellation, establishing ourselves as a
leading operator in the satellite IOT field. We
focus on securing further funds to expedite
technology adoption and attain profitability
by 2026. We have already secured several
customers in key industries and possess
a robust business plan to achieve our
profitability objective.
In conclusion, despite acknowledging the
difficulties and uncertainties, we are confident
in our ability to navigate these challenges and
steer our company towards a profitable and
sustainable future. We thank our investors
for their unwavering support and belief in our
vision. Together, we will continue pushing the
boundaries of innovation in the satellite IoT
sector.