Baylin Technologies Q3 2023 Earnings Call Transcript

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November 9, 2023

There are 5 speakers on the call.

Operator

Morning, ladies and gentlemen, and welcome to the Vivint Technologies Third Quarter 2023 Financial Results Conference Call. At this time, all lines are in listen only mode. Following the presentation, we will conduct a question and answer session. This call is being recorded on Thursday, November 9, 2023. I will now turn the call over to Kelly Miles, Director of Marketing and Investor Relations of Pannon Technologies.

Operator

Please go ahead.

Speaker 1

Thank you. Good morning, and welcome, everyone. Thank you for joining us this morning for the Q3 2023 earnings conference call for Valen Technologies. On the call with us today from Balen are Leighton Carroll, Chief Executive Officer and Dan O'Dolmi, Chief Financial Officer. We will be available for questions at the end of the presentation.

Speaker 1

Before we begin, let me make it clear that our comments today may include forward looking statements and information and answers to questions that could imply future expectations about the prospects and financial performance of the business for 2023 and could include the use of non IFRS measures. These statements are subject to risks, and uncertainties and assumptions. Accordingly, actual performance could differ materially from statements made or information provided today, so you should not place undue reliance on them. We also do not intend to update forward looking statements or information Except as required by law, I ask that you read our legal disclaimers and explanation of the use of non IFRS measures and refer you to the risks and assumptions outlined in our public disclosures. In particular, the sections entitled Forward looking statements and risk factors in our annual information form for the year ended December 31, 2022 and our other filings, which are available on SEDAR.

Speaker 1

Our Q3 2023 results were released after market close yesterday. The press release, financial statements, as well as the MD and A are available on SEDAR and on our website at balintech.com. I would now like to turn the call over to Leighton.

Speaker 2

Thank you, Kelly. Before I begin, I want to highlight The rights offering that was included in our press release yesterday. As part of management's continuing efforts to recapitalize and improve the balance sheet and materially reduce our North American debt. The company intends to proceed with the rights offering under which shareholders will receive The rights to acquire common shares of the company. The number of common shares available for subscription and the subscription price payable on the exercise of the rights as well as the timing of the rights offering in other terms will be determined and announced at the time of commencement of the rights offering, which is expected in the very near future.

Speaker 2

We are grateful for the continued support of our investor and our principal shareholder, Mr. Royer, and after exploring raising capital in various forms, we concluded that the rights offering would be the fairest to all shareholders. We are also pleased to report That Mr. Royer, some of our board members and myself personally will be participating in the rights offering. Now to the Q3, look, we're obviously disappointed with the results.

Speaker 2

They're not what we had envisioned. And it's interesting because That was despite having a number of wins and having a lot of momentum, not just in terms of product development, but in terms of traction with customers. It's been a really interesting economic cycle and it's almost punctuated by each of the verticals our business operates in. Our pipeline is huge, which is interesting. It's literally we're still sitting on a ton of backlog.

Speaker 2

Our pipeline is actually larger than it's been since I joined the company. And yet we're having to weather a storm with what we're seeing Kind of broadly and this is not unique to any one of our 4 verticals, but several customers have had push outs and that Factor has affected clearly has affected 3 of the 4 businesses. So with that, we obviously had challenges that we Talked about in the Q2, we saw them again in the Q3 and while we work like mad to mitigate them, unfortunately, we had a negative adjusted a bit The 2nd quarter interrupting the company's run of 7 prior quarters. The mobile and network business, it's an interesting story because Guess what, not a big surprise. Our primary customers business is at a much lower volume.

Speaker 2

We have been working like mad within that business to do really three things, right? So That primary customer has said that in 2024, they are expecting their business, their mobile business To start to rebound. Okay. So if we know this is the low time, we need to set ourselves up for where the puck is going. The nice part is we have won a number of new product opportunities with that primary customer for that mobile business That will start showing up at the end of Q1 twenty twenty four, which is a good thing, which means that the business is point.

Speaker 2

We've been working like that to get this business to where it should be and feel confident that we've made some significant strides there. Number We've made some significant strides there. Number 2, we have been taking cost out of the business. You end up in a tough environment like this, you have to reduce your cost structure, make tough decisions and grind and to be honest, improve your operational And I feel good that we've done a lot of work in that space to mitigate what we've been facing. And then the final thing is that we've been working very hard on the non mobile side of the business.

Speaker 2

And that non mobile, what we call that network side of the business, It's while our primary customer is a part of that, our primary customer will be a minority of that In 2024, because we've won so many additional opportunities, which is a good thing. It's just for now And honestly, as we're in the immediate future, we just we're not in a place where this capitalizes into work in part because of the build cycles and Part because of push outs from some customers. Similarly, our embedded antenna line had a slowing quarter and it's the same as Push outs, we had volumes, we had good forecasts. That business is nicely profitable, happy with the business, happy with the book of Opportunity in front of us, but as we go into the end of this year, what we are seeing is the, what I would say, the consumer facing Products or consumer led products where the end market is the consumer market. Those have certainly softened, Whereas we're seeing growth now in public safety and automotive.

Speaker 2

So it's a bit of a mix and as a result, It was a bit lower than where we would like it for this quarter, although again nicely profitable. Wireless Infrastructure, The business line saw lower sales and revenue velocity despite a number of really, to be honest, cool wins that I think we had for this business. Again, we've had push outs. Clearly looking at a list of projects that And we don't report them or press them until we get it over the finish line. But where we know that we won, our customers have Expect us in additional marquee products in a nice book of business, but because of what's happening in the wireless ecosystem, A lot of those projects have been pushed to early 2024.

Speaker 2

And then finally, SATCOM. SATCOM is an interesting industry. The commercial side, we are certainly seeing pressure from some of the new entrants. But our bread and butter, which is We've been focused on high power applications, military applications, space applications, broadcast applications. Our book of business is robust and the Funnel is extremely large.

Speaker 2

We would like to, if anything, improve and raise The level of production that we have in our facility outside of Montreal, but with that said, we're pleased with the business. It's been resilient and We feel good about what we're doing, particularly with the new product stack. With that, our backlog is sitting at $32,400,000 at September 30, 2023, Compared to 38 at the end of last year and 37.4 at the end of this quarter last year. The backlog is pretty durable, but if you look at it, the biggest delta in our backlog, It's that mobile and network business. And that's again, it's a fast turnover purchase order business.

Speaker 2

And obviously, the Our principal customer has had a challenging year. So the number of POs we have in that business are currently down even though we feel good about where we're going next We're continuing to work the quality of our backlog, excuse me, and meaning What we're actually building in the gross profit and the revenue we can derive from it. And I would suggest that I'd Particularly, I'd even just call out the infrastructure line and to an extent the Satcom line. You can look at those two business lines and it is a market in the gross margin profile, which has helped us weather some of the lower margin excuse me, lower revenue that we're seeing today. I'm happy with the work.

Speaker 2

I like our roadmap, but we've got some more work to do. Finally, number of bids that we have coming up And hopefully, get across the finish line here in the next couple of quarters is pretty exciting for the business. In recent developments, I do want to call out a couple of things that I think are pretty cool. We've talked about our multi beams Before, but I think the neat thing is we really have gotten a lot of traction and a lot of visibility and a lot of visibility for the Gautronics brand that we own. With that multi beam antenna, it is opening doors for us and certainly has opened a number of doors with Europe and we are continuing to have conversations with new customers in Europe who we've never had relationships with, which is pretty cool.

Speaker 2

The Artemis lunar space This is kind of a cool success coming out of our advanteck group outside of Montreal. That Artemis lunar space mission, NASA's space mission coming up. When the lunar modules are way out away from the earth and on their way to the moon, the communication from the earth To those modules is powered by us. As a geek at heart to me, that's cool technology And that's an example of something that really we are differentiated and the right guys to do. In addition to that, our team in Kirkland also launched Ka band SSPAs, which to be honest, filled a hole in our product portfolio and is also based on our new Genesis And the point of that is Genesis is not only great technology Great technology matters from an end user feature functionality perspective.

Speaker 2

But guess what, it's cheaper to produce, which means over time we will Improve our efficiencies and grow our book of business. So we feel pretty good about where we're going despite how challenging this quarter was. It's an unique economic environment with interest rates. It is what it is. We're going to fight through this and keep building on the successes we've had.

Speaker 2

With that, Dan, our CFO will now comment on 3rd quarter results.

Speaker 3

Thanks, Leighton, and thanks everyone for dialing in this morning. Before I provide a summary of Q3, I wanted to provide an update on our credit facilities. Firstly, we're pleased to report that the that our GTD facility pardon me, GTD Subsidiary has fully repaid its loan with HSBC Vietnam and they did that at maturity in August of 2023. The background, the loan originated in October 2020 and was established for 3,200,000 Proceeds of which were used to partially fund the GTD factory, which unfortunately never went into production, but we are Pleased to close that chapter. Additionally, in September of 2023, We agreed with our lenders RBC and HSBC Bank of Canada to amend our credit facilities And that extended the maturity importantly of our term loan to December 31 of this year and then the maturity date of the revolving facility to the end of Q1 of next year.

Speaker 3

We're obviously very grateful and appreciative of the continued support of both RBC and HSBC Canada. I'll now comment on our 3rd quarter results. Revenue was 23,500,000 In Q3 of this year, which was a decrease of $6,500,000 or 21.5% compared to Q3 of 2022, Decrease primarily due to volume reductions in the mobile network, Embedded and Wireless Infrastructure business lines that Leighton alluded to earlier, partially offset by stronger sales in the Satcom Business Line. Margins were better in Q3 of this year at 31 point 2% compared to 26.4% in Q3 of 2022. And that's interesting because it's despite The lower sales, lower volume and from a gross profit perspective, gross profit was $7,300,000 which was a hair lower than Q3 of last year.

Speaker 3

The improved gross margin resulted from a balanced product mix due to sales from newly launched products That Leighton talked about earlier as well across a number of our business units, changes in pricing strategy And a continued focus on data and making decisions with fulsome information And also focusing on contribution margin at the business line level. In Q3 of 2023, the improvement mainly generated by Stronger revenue recovery in the Saccom business line, again favorable product mix and then consistent operational efficiency in the embedded business slide. Adjusted EBITDA was negative $800,000 which was a decrease of $900,000 compared to the same quarter last year and then this decrease was primarily due to the decrease in gross profit As a result of the lower revenue base mentioned earlier, which was partially offset by a decrease in operating expenses compared to the prior year period. Net loss in Q3 was $3,400,000 compared to a net loss of $4,900,000 in Q3 3 of last year. The net loss was mainly attributable to an operating loss of 2,800,000 What this translates to on a per share basis is a net loss of $0.04 per share in Q3 of 2023 compared to net loss of $0.06 per share, same quarter last year.

Speaker 3

Net debt was $26,400,000 which was an increase of $5,000,000 from the end of the year, pardon me, the end of last year. And that was primarily due to an increase in non cash working capital, Investments in inventory and the like, as well as debt service, interest payments and then also lease payments. I'll now turn the call back over to Layton.

Speaker 2

Seems like I do this every time leaving the phone on mute. All right. Thank you, Dan. Look, I think it's fair to say this is We're existing in a challenging business environment. And the high rate environment is interesting because it Impacts different sectors of the world, so to speak, in different ways.

Speaker 2

And some of that does cause issues that face the company. We certainly saw some in the 2nd quarter and we're seeing them obviously here in the Q3 with lower revenue, lower gross margin Overall, albeit high gross margin percentage on a comparative basis and then look at the end of the day, I'm just not happy with adjusted EBITDA period. Look, we expect the remainder of this year is going to be similarly challenging. I'd like to say it isn't, But it is what it is in some of our industry segments. While overall performance continues to be Significantly negatively affected by the results of the mobile and network business.

Speaker 2

We are experiencing softness in other places as I previously described. Our Satcom business alternatively has been supremely resilient. And to be honest, we're pushing to get even more performance out of it. Alternatively, the book of business we have is durable and a lot of the stuff that we've been building and new products that we've been releasing, which Important to me because the new products have a different margin structure, dramatically better margin structure than when I got here. We're setting ourselves for success in the future.

Speaker 2

It's just going to be a bumpy ride in the meantime. We continue to prioritize products. We emphasize what we're doing on margins and we're also focused at this point very clearly on cutting costs, Eliminating some positions and really digging on operational efficiencies. It's you have to do a lot of the obvious things when you're in this We are seeing a number of factors that continue and expect that we're just going to have to fight through it over the coming quarter. As a result of these Challenges and particularly the impact that the M and M business line has had on our business this year, we expect that revenue adjusted EBITDA for 2023 as a whole And we'll be below the corresponding amounts by 2022, obviously, with notable improvements in gross margins and operating Now I'd like to speak about each business line briefly going forward.

Speaker 2

The embedded business line, we talked about the push outs. The flip side of that is we have a number of things that are starting to go that are that I'm actually excited about the Sure. 1, we're doing a wireless enablement of a body armor camera. Why is it interesting? It's for first responders.

Speaker 2

It's government funding, it's durable. We just started production of that. That will be a nice portion of our revenue going into 2024 And it's forecast for obviously throughout the year. Number 2, we have a project and we haven't pressed it yet, Because we're just getting ready to enter production, we're a brand name manufacturer's full size SUV, They're brand new flagship model that will be coming out for the 2024 model year, the wireless enablement, The experience inside the vehicle will be us. It's a pretty cool project.

Speaker 2

We should see some nice revenue next year. Again, it's not in our book right now because it is the timing and the cycle. On the wireless infrastructure business, We're in a it's a spectacular environment. I think it doesn't take people very long to just look around, particularly in North America And see AT and T, Verizon, T Mobile, DISH as examples. They've all had layoffs or all announced Playoffs over the course of this year, Nokia and Ericsson certainly had and there are others who are impacted.

Speaker 2

It's a challenging environment. The interesting thing is Some of our larger competitors have had spectacularly bad results within that wireless infrastructure vertical. And while we're not happy with it, we've actually done reasonably well on a relative basis. That doesn't mean we're happy with the results. It doesn't mean we have We shouldn't be doing better or I don't want better, I mean is the way to put it.

Speaker 2

And it doesn't mean that we expect more from this business in the future. All those things are true, But it's a very challenging environment we're operating in. So we have to maximize to our strengths, minimize our costs And get set for where the puck is going, so to speak, and that's a huge focus for that business. The Satcom business line, It's been very solid. We're still dealing with a lot of the legacy products that are bluntly a bit difficult to manufacture And a challenge for the business, and in some cases, overly complex.

Speaker 2

Now the flip side of that is With how we position this business and where we're focused on high power applications, where we're focused on The new product lines, which are going to be easier to manufacture, lower cycle times, simplified supply chain, We are already winning and generating revenue in those. We're starting to see the ramp of those products, which is cool because I don't want the Satcom business line to be doing the revenue it's doing today. I want more, but I want more at a higher margin profile, which is Based on this or predicated on this new product stack coming to market and us working in Kirkland to improve our efficiencies overall. All those things are important to us. They're going to lay the table for what the journey looks like for 2024.

Speaker 2

And when you have the funnel of business that we have for that. That's a business I do honestly get excited about. Now as I say that in the short term, Look, we've been making a lot of improvements. I do expect that our overall revenue and adjusted EBITDA in 'twenty three will be better than 2022. Take nothing away from what the team has accomplished in this year, even though the overall corporation is having a challenging back half of the year.

Speaker 2

Our Saccom unit has done well year over year and we're pushing for more. Obviously, then it comes to our mobile and network business and The issue is, it is just down. And we have been cutting, we have been streamlining, we have been setting the table. And the table set for next year is based now on three things. Our primary customer having more strength In 2024 and they're on the record as saying that they expect that to be the case.

Speaker 2

Number 2, winning a disproportionate number of projects. In other words, winning a disproportionate amount of market share for 2024, so we can start to see the growth within that legacy mobile product line. And then number 3, win additional business outside of that primary customer in things that for effectively rhyme with the embedded product line that we have here in North America and improve the overall margin profile and revenue diversification of that business. Those all of those things are underway. Not going to be perfect for a bit of time.

Speaker 2

It certainly has hurt us this year. There's no question. We would be, in my opinion, very positive in terms of overall operating results despite All the things that we've talked about that are challenges, we would be having our 7th excuse me, our 8th quarter of positive adjusted EBITDA. It is what it is. We're fighting through it and that business is going to get back on its feet.

Speaker 2

Overall, we have been working to Fix the challenges and continue in that business and then maybe the final punch line here is that We have said previously and this continues to be the case, all options are on the table for the mobile and network business in part because it has hurt us as much as it has this year And in part because we're engineering a turnaround and are playing to our core and think that a lot of the things that we're doing with our core businesses It should be special in the future. With that, look, it was a challenging quarter and I'm personally not satisfied with the results. I don't think anyone on our team is. Believe it or not, I actually want to thank the Employees of Balen, Gautronics and Advantech, when we were looking at this quarter and seeing things early on in it, It looked bad. It could have been worse.

Speaker 2

And the team really sucked it up and did a lot of things to help us Minimize issues in this quarter and set the table for the future. I do like where we're going. I do like the foundation we built, But it's a challenging environment and unfortunately it's probably going to be challenging in at least the coming quarter, if not for just a touch longer. With that, I think that concludes our results. It concludes the comments on the results.

Speaker 2

We continue to have a sense of urgency and I'm looking forward to better times ahead. Operator, happy to take questions.

Operator

Thank you. Ladies and gentlemen, we will now begin the question and answer session. We will hear a 3 tone prompt acknowledging your request. Thank you. Our first question comes from Daniel Rosenberg from Pareteum.

Operator

Please go ahead. Your line is open.

Speaker 4

Hi, good morning, Leighton, Dan. My first question is around the rights offering. Without Understanding how the end results here looks like, I was wondering do you feel that this is what you guys need in terms of Getting the balance sheet to where to sure footing so that operations can get to overall operations can get to profitability? Or is this kind of a bridge for next year to rebuild and move onward from there? Just trying to understand how you're thinking about it.

Speaker 4

Thanks.

Speaker 2

Yes, Daniel. Thanks for the question. Look, One of the encumbrances that the business has had, and let me just say, thank goodness for Jeff, Mr. Royer and his support of this business, his steadfastness And commitment is exceptional and it has made a world of difference. Now the truth of the matter is The elephant in the room for even for a stock price has been the amount of debt on the books relative to business performance, right?

Speaker 2

And relative to cash generation, Well, when you are using a substantial amount of cash to service a term loan, from that was put there by legacy management and that loan, it It's not de minimis. Guess what? It eats cash and it prevents you from getting to free cash flow. Part of the journey that we're on with this effort is not just to set up for growth and have working capital to lean into Some of the new opportunities that are coming in. I mean, I want to be the dog that catches the bus and says, okay, now what?

Speaker 2

Because we just won X or Y or Z Huge program, right? But then alternatively, guess what, free cash flow is getting we that is where we're going. Hard kind of that is the mission. And by substantially addressing and improving the balance sheet, reducing the amount of capital that we have that we've been applying to debt Service, in my opinion, it is going to not just set up the business for next year, but it really does Take a significant headwind away from us that we've been dealing with for the past two and a half years. That's the goal.

Speaker 2

That's the mission. This is part of that journey.

Speaker 4

And then with respect to mobile and Has the thought changed around the strategy there? Networking was once thought as Kind of a growth area, is it becoming a drag and your focus is really now on the Satcom as kind of the growth engine. So just wondering if you shifted your view in terms of that Business line, I guess around network infrastructure specifically?

Speaker 2

Yes, yes, yes. So, Daniel, if I can, I'm going to just talk broadly about the 4 and why I think like I do. So If you take the 4 new bolon down to what they are fundamentally based on, right, the infrastructure business, the embedded business In the Satcom business, they are all different flavors of RF Engineering, where we have unique intellectual property. And if you're playing your cards correctly and you position yourself well, you can have really nice businesses, good stable margin profiles. Yes, you'll have to weather a storm occasionally like we're dealing with that I talked through on the infrastructure side.

Speaker 2

But guess what, In the long run, they're good businesses and you can set yourself up for a lot of success. The mobile and network business, We don't have nearly the level of intellectual property and that business has clearly hurt us in 2023. When I think about where we are going to be 2 years from now, There's probably a few outcomes. 1, the mobile and network business as it's Back on its feet or potentially we've looked at a different strategic alternative and worked to monetize That business, so to speak, so that we further improve our balance sheet. I think those are both reasonable outcomes.

Speaker 2

You either fix it or you address it, 1 or 2. And that's when we talk about strategic alternatives, that's kind of what we're talking about. We have to evaluate those things. And it's Hurting us like it has this year is wholly unacceptable and we have to address it, right? So that's number 1.

Speaker 2

Number 2, with the remaining three businesses, the embedded business, which is home In principle, it has been certainly when I got here, it was very principally home networking. We have been working to diversify that business and the team in my opinion has done a good job Going into the automotive space, going into this not just land mobile radio public safety space, but Other use cases will drive growth in that business, albeit that embedded business while nicely profitable, the growth is it will never Explode suddenly in growth. It will be very linear in its pattern of behavior. So and by the way, I like those businesses. Why?

Speaker 2

They are straightforward. You know what you're doing. You can see what's coming and you make money. Businesses that make money are a positive thing in my business. It's a good business.

Speaker 2

So it's to me, it will remain core. It's just not going to be our growth engine. Wireless infrastructure Is having a very unique cycle right now. And I've lived in that industry for a long time and there the cyclality of Infrastructure, network infrastructure, wireless network infrastructure has been there for decades, right? Every 10 years, there's another g, Whether it's 3 gs, 4 gs, 5 gs, and guess what, we're already seeing conversations on what the heck 6 gs is going to be.

Speaker 2

The point of that is You have these down cycles and we have a unique environment where carrier spending in particular is muted. It's more muted in North America than it is, I would say, in Europe, but even Europe is somewhat muted because of guess what, the high interest So what we focus on is how do we improve the margins and set ourselves up for when we think Carriers will start coming in and how they're coming in, right, which is really important facet for us. So the point of that is, I actually think the wireless infrastructure business because of the amount of work that's gone into product development, because of the niches we play in, Right. We're not going to try to be Ericsson or CommScope. That would that to my opinion that'd be a fool's errand.

Speaker 2

But by playing in places that matter In use cases that matter where you can maximize value, I actually think that business can see good growth In our future, and I think we will have good margin attainment in our future within the business. Let me come to the Satcom business and this is, I think your point in your read is correct. Satcom is unique because of the amount of work we've done on positioning. And sure, we've done a lot of work on improving margins and working on our production issues, but the positioning in the new product stack that we have, Coupled with where we see certain things going in the market in terms of opportunities, yes, I think Satcom is going to be unique because Particularly going into 2024, it has the opportunity, of course, not the guarantee, but has the opportunity to have some really interesting growth trajectory in front of it. So hopefully that answered your question and like everything at Bayland, it's kind of the normal 4 part answer.

Speaker 4

Okay. Thanks for the info. I'll pass the line.

Operator

Thank you. Thank you. There appear to be no further questions. I'll return the conference back to the speakers.

Speaker 2

Okay. First of all, thanks for everyone for attending. I know the results this quarter are not what we all would want. I'll come back and just maybe say one 2 things. 1, I remain pretty bullish on the future Of this business and what we've been working through, it's going to be a bumpy ride for a little while.

Speaker 2

So we're pretty open about it and what we're dealing with. The flip side of that is we're doing a rights offering to, in my opinion, address one of the bigger challenges the business has had at least since I've been here. And the belief in our business, in my opinion, is demonstrated by the fact that Our Chairman will be participating in the rights offering. Several of our Board members are going to be participating in the rights offering. And guess what guys I'm participating.

Speaker 2

So hopefully that's a bit of a vote of confidence to share about where we think we're going to be going and what we're up to and honestly what we're trying to build for the long term. Hope everyone has a great day and appreciate everyone's time.

Operator

Thank you. Ladies and gentlemen, this does conclude today's conference call. Thank you all for attending. You may now disconnect your lines.

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Key Takeaways

  • The company announced a rights offering to recapitalize and materially reduce North American debt, with participation from the principal shareholder, board members, and management.
  • Q3 revenue fell 21.5% year-over-year to $23.5 million and Adjusted EBITDA was a negative $0.8 million—ending a seven-quarter streak of positive results—while gross margin improved to 31.2% from 26.4%.
  • Despite a record-high pipeline and a $32.4 million backlog, several customers pushed out orders in three of four verticals—particularly the mobile and network segment—driving lower volumes in Q3.
  • The Satcom division remained resilient with a robust funnel, new high-power and Ka-band product wins (including NASA’s Artemis lunar mission antenna), and a simplified “Genesis” product stack to improve margins and efficiency.
  • Management expects the challenging high-rate environment to persist, with full-year 2023 revenue and Adjusted EBITDA below 2022 levels, and is focused on cost cuts, operational efficiencies and positioning for a rebound in 2024.
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Earnings Conference Call
Baylin Technologies Q3 2023
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