Valuation Update With 7 Day Price Move • 8h
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €40.25, the stock trades at a forward P/E ratio of 56x. Average forward P/E is 18x in the Software industry in the United Kingdom. Total returns to shareholders of 907% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €29.72 per share. Buy Or Sell Opportunity • May 13
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 13% to €35.90. The fair value is estimated to be €29.35, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 114%. For the next 3 years, revenue is forecast to grow by 18% per annum. Earnings are also forecast to grow by 21% per annum over the same time period. Annonce • May 01
Bittium Corporation Reiterates Earnings Guidance for the Year 2026 Bittium Corporation reiterated earnings guidance for the year 2026. For the year, the company estimates the net sales to be EUR 140 million - EUR 155 million (EUR 119.3 million in 2025) and operating profit to be EUR 26 million - EUR 32 million (EUR 19.4 million in 2025). The operating result will be affected by depreciations related to the license income received in 2026. Net sales and operating profit are expected to be weighted toward the second half of 2026. Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to €30.70, the stock trades at a forward P/E ratio of 49x. Average forward P/E is 16x in the Software industry in the United Kingdom. Total returns to shareholders of 647% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €33.39 per share. Annonce • Apr 22
Bittium Oyj Announces Extraordinary Dividend, Payable by 30 September 2026 Bittium Oyj at its AGM, to held on April 22, 2026, announced the payment of an extraordinary dividend of EUR 0.15 per share, by 30 September 2026. The Board of Directors expects that this discretionary extraordinary dividend will be paid, unless there is a significant change in the business environment during the year 2026. The company will publish any possible decisions on dividend payment by the Board of Directors separately and will simultaneously confirm the dividend record and payment dates. Upcoming Dividend • Apr 16
Upcoming dividend of €0.15 per share Eligible shareholders must have bought the stock before 23 April 2026. Payment date: 04 May 2026. Payout ratio is a comfortable 25% and the cash payout ratio is 76%. Trailing yield: 0.4%. Lower than top quartile of British dividend payers (5.8%). Lower than average of industry peers (2.9%). Annonce • Mar 31
Bittium Oyj Proposes Extraordinary Dividend, Payable by 30 September 2026 The Board of Directors of Bittium Oyj proposed that the Annual General Meeting authorize the Board of Directors to decide, at its discretion, on the payment of an extraordinary dividend of EUR 0.15 per share, by 30 September 2026. The Board of Directors expects that this discretionary extraordinary dividend will be paid, unless there is a significant change in the business environment during the year 2026. Annonce • Mar 17
Bittium Corporation Appoints Hanna Hulkko as Senior Vice President, Engineering Services Business Segment, Effective June 11, 2026 Bittium Corporation announced that M.Sc. (Eng.) Hanna Hulkko has been appointed as Senior Vice President of Bittium Corporation's Engineering Services Business Segment and a member of the Management Group as of June 11, 2026. In her role, she will report to Bittium Corporation's CEO Petri Toljamo. Hanna Hulkko has more than 20 years of experience in international B2B and public sector IT business, particularly in societally critical industries such as healthcare as well as defense & security sectors. Prior to her appointment, she held several leadership positions at Tieto, most recently being responsible for international sales and business development of the Data Driven Care business. Earlier in her career, she has been responsible for extensive product and business entities as well as significant profit and loss responsibilities. The current head of the Engineering Services Business Segment and member of the Management Group, Jari Inget, will continue in the Engineering Services Business Segment as Business Development Director, focusing on advancing the strategic focus areas. Valuation Update With 7 Day Price Move • Mar 12
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €31.60, the stock trades at a forward P/E ratio of 41x. Average forward P/E is 20x in the Software industry in the United Kingdom. Total returns to shareholders of 706% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €37.40 per share. Valuation Update With 7 Day Price Move • Feb 26
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to €27.00, the stock trades at a forward P/E ratio of 34x. Average forward P/E is 21x in the Software industry in the United Kingdom. Total returns to shareholders of 539% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €39.16 per share. Reported Earnings • Feb 20
Full year 2025 earnings released: EPS: €0.60 (vs €0.20 in FY 2024) Full year 2025 results: EPS: €0.60 (up from €0.20 in FY 2024). Revenue: €119.8m (up 40% from FY 2024). Net income: €21.3m (up 193% from FY 2024). Profit margin: 18% (up from 8.5% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Software industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 113% per year but the company’s share price has only increased by 91% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Feb 20
Now 23% undervalued Over the last 90 days, the stock has risen 55% to €29.35. The fair value is estimated to be €38.08, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 113%. For the next 3 years, revenue is forecast to grow by 20% per annum. Earnings are also forecast to grow by 26% per annum over the same time period. Annonce • Jan 01
Bittium Corporation Raises Earnings Guidance for the Year 2025 Bittium Corporation raised earnings guidance for the year 2025. For the year, the company estimates net sales to be EUR 116 million – EUR 120 million (EUR 85.2 million in 2024) and the operating profit to be EUR 19 million – EUR 21 million (EUR 8.6 million in 2024) compared to previous guidance of net sales in 2025 to be EUR 95 million – EUR 105 million (EUR 85.2 million in 2024) and the operating profit to be EUR 10 million – EUR 13 million (EUR 8.6 million in 2024). Annonce • Dec 22
Bittium Oyj, Annual General Meeting, Apr 22, 2026 Bittium Oyj, Annual General Meeting, Apr 22, 2026. Buy Or Sell Opportunity • Nov 05
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 84% to €18.54. The fair value is estimated to be €15.24, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 47%. For the next 3 years, revenue is forecast to grow by 21% per annum. Earnings are also forecast to grow by 37% per annum over the same time period. Annonce • Oct 25
Bittium Oyj Reaffirms Earnings Guidance for the year 2025 Bittium Oyj reaffirmed earnings guidance for the year 2025. The company expects the net sales in 2025 to be EUR 95 million - EUR 105 million (EUR 85.2 million in 2024) and the operating result to be EUR 10 million - EUR 13 million (EUR 8.6 million in 2024). Buy Or Sell Opportunity • Oct 15
Now 26% overvalued after recent price rise Over the last 90 days, the stock has risen 57% to €14.30. The fair value is estimated to be €11.37, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 47%. New Risk • Sep 25
New major risk - Revenue and earnings growth Earnings have declined by 5.0% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 5.0% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (8.3% average weekly change). Annonce • Sep 24
Bittium Oyj (HLSE:BITTI) acquired 24.90% stake in Kradient Intelligence Oy. Bittium Oyj (HLSE:BITTI) acquired 24.90% stake in Kradient Intelligence Oy on September 23, 2025. MarshallAI’s current owners and company management will remain significant shareholders even after Bittium’s investment.
Bittium Oyj (HLSE:BITTI) completed the acquisition of 24.90% stake in Kradient Intelligence Oy on September 23, 2025. Buy Or Sell Opportunity • Sep 23
Now 33% overvalued after recent price rise Over the last 90 days, the stock has risen 81% to €14.64. The fair value is estimated to be €10.98, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 47%. For the next 3 years, revenue is forecast to grow by 16% per annum. Earnings are also forecast to grow by 42% per annum over the same time period. Reported Earnings • Aug 12
First half 2025 earnings released: EPS: €0.042 (vs €0.065 in 1H 2024) First half 2025 results: EPS: €0.042 (down from €0.065 in 1H 2024). Revenue: €42.3m (up 12% from 1H 2024). Net income: €1.50m (down 35% from 1H 2024). Profit margin: 3.5% (down from 6.1% in 1H 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Software industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Aug 08
Now 30% overvalued after recent price rise Over the last 90 days, the stock has risen 72% to €11.30. The fair value is estimated to be €8.68, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 4.2% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 10% per annum. Earnings are also forecast to grow by 24% per annum over the same time period. Valuation Update With 7 Day Price Move • Jul 21
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €10.66, the stock trades at a forward P/E ratio of 38x. Average forward P/E is 22x in the Software industry in the United Kingdom. Total returns to shareholders of 111% over the past three years. New Risk • Jul 18
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 7.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Buy Or Sell Opportunity • Jul 18
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 35% to €10.66. The fair value is estimated to be €8.57, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 4.2% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 10% per annum. Earnings are also forecast to grow by 20% per annum over the same time period. Valuation Update With 7 Day Price Move • Jun 04
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €8.13, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 26x in the Software industry in the United Kingdom. Total returns to shareholders of 44% over the past three years. Annonce • May 07
Bittium Oyj Approves Dividend for the Financial Year January 1, 2024 - December 31, 2024, Payable on May 16, 2025 The Board of Directors of Bittium Oyj approved a dividend of EUR 0.10 per share for the financial year January 1, 2024 - December 31, 2024. The dividend will be paid to a shareholder who, on the record date for the dividend payment, May 9, 2025, is registered in the company's shareholders' register maintained by Euroclear Finland Ltd. The dividend will be paid on May 16, 2025. Buy Or Sell Opportunity • May 06
Now 21% undervalued Over the last 90 days, the stock has risen 2.3% to €6.69. The fair value is estimated to be €8.46, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.2% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 10% per annum. Earnings are also forecast to grow by 20% per annum over the same time period. Upcoming Dividend • May 02
Upcoming dividend of €0.10 per share Eligible shareholders must have bought the stock before 08 May 2025. Payment date: 16 May 2025. Payout ratio is a comfortable 49% and this is well supported by cash flows. Trailing yield: 1.5%. Lower than top quartile of British dividend payers (6.0%). Lower than average of industry peers (1.8%). New Risk • Apr 29
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 7.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 36% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (7.9% average weekly change). Annonce • Apr 29
Bittium Oyj Reaffirms Earnings Guidance for the Year 2025 Bittium Oyj reaffirmed earnings guidance for the year 2025. The company expects net sales in 2025 to be EUR 95 million - EUR 105 million (EUR 85.2 million in 2024) and the operating result to be EUR 10 million - EUR 13 million (EUR 8.6 million in 2024). New Risk • Mar 28
New major risk - Revenue and earnings growth Earnings have declined by 36% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Annonce • Mar 06
Bittium Oyj Appoints Niina Huikuri as Senior Vice President, Medical Business Segment and A Member of Management Group as of May 1, 2025 Niina Huikuri (Ms.Econ) has been appointed as Senior Vice President, Medical Business Segment and a member of Bittium Corporation's management group as of May 1, 2025. She will report to the CEO of Bittium Corporation. Laura Kauppinen, the current Senior Vice President, Medical Business Segment and a member of Bittium Corporation's management group has resigned from her position. She will continue in her position until April 30, 2025. Niina Huikuri has over 20 years of international commercial experience in the medical devices sector. She joins Bittium from her current position as Chief Commercial Officer of Askel Healthcare Ltd. Prior to her current role, she has worked in various management positions e.g. in Optomed and Johnson & Johnson, leading business development, product management as well as sales and marketing of medical sector products and services. She has experience in building international sales channels in the health technology sector, as well as successful commercialization of medical devices in the US. Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €7.56, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 24x in the Software industry in the United Kingdom. Total returns to shareholders of 50% over the past three years. Buy Or Sell Opportunity • Feb 20
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 9.5% to €6.30. The fair value is estimated to be €8.03, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.2% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 9.7% per annum. Earnings are also forecast to grow by 18% per annum over the same time period. Reported Earnings • Feb 19
Full year 2024 earnings released: EPS: €0.20 (vs €0.15 loss in FY 2023) Full year 2024 results: EPS: €0.20 (up from €0.15 loss in FY 2023). Revenue: €85.4m (up 13% from FY 2023). Net income: €7.30m (up €12.7m from FY 2023). Profit margin: 8.5% (up from net loss in FY 2023). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. New Risk • Dec 24
New major risk - Revenue and earnings growth Earnings have declined by 57% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Annonce • Dec 23
Bittium Oyj, Annual General Meeting, May 07, 2025 Bittium Oyj, Annual General Meeting, May 07, 2025. Location: oulu Finland Reported Earnings • Oct 18
Third quarter 2024 earnings released: €0.016 loss per share (vs €0.066 loss in 3Q 2023) Third quarter 2024 results: €0.016 loss per share (improved from €0.066 loss in 3Q 2023). Revenue: €14.0m (flat on 3Q 2023). Net loss: €600.0k (loss narrowed 75% from 3Q 2023). Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Software industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Annonce • Oct 18
Bittium Corporation Reaffirms Earnings Guidance for the Year 2024 Bittium Corporation reaffirmed earnings guidance for the year 2024. The company expects the net sales in 2024 to be EUR 85 million to EUR 95 million (EUR 75.2 million in 2023) and the operating result to be EUR 7.0 million to EUR 9.5 million (operating loss of EUR 4.3 million in 2023). Reported Earnings • Aug 11
Second quarter 2024 earnings released: EPS: €0.045 (vs €0.05 loss in 2Q 2023) Second quarter 2024 results: EPS: €0.045 (up from €0.05 loss in 2Q 2023). Revenue: €20.8m (up 16% from 2Q 2023). Net income: €1.60m (up €3.40m from 2Q 2023). Profit margin: 7.7% (up from net loss in 2Q 2023). The move to profitability was primarily driven by higher revenue. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Software industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 71 percentage points per year, which is a significant difference in performance. Annonce • Aug 09
Bittium Corporation Reaffirms Financial Guidance for the Year 2024 Bittium Corporation reaffirmed financial guidance for the year 2024. The company expects the net sales in 2024 to be EUR 85 million to EUR 95 million (EUR 75.2 million in 2023) and the operating result to be EUR 7.0 million to EUR 9.5 million (operating loss of EUR 4.3 million in 2023). Annonce • Jun 06
Bittium Corporation Announces Antti Näykki as Group Business Development, and Member of Management Group Bittium Corporation announced that Antti Näykki, Vice President, Group Business Development, and member of Bittium Corporations management group, has decided to leave the company and continue his career outside of Bittium. In addition to the role of Vice President, Group Business Development, Näykki has been responsible for the management of the group's research activities, supply chains and quality, as well as human resources and information management. The company has started to evaluate rearrangement options for organizing the responsibilities of the functions in the future. Näykki will continue to work for the company to support the transition of the tasks and responsibilities, however, no later than until September 4, 2024. As of September 5, 2024, Bittium Corporation's management group includes following persons: CEO Johan Westermarck (Chairman), CFO Petri Hiljanen, CLO Kari Jokela, Vice President Communications and Sustainability Karoliina Malmi, and the heads of Business Segments: Tommi Kangas, Senior Vice President, Defense & Security Business Segment, Jari Inget, Vice President, Engineering Services Business Segment, and Laura Kauppinen, Senior Vice President, Medical Business Segment. Annonce • Apr 12
Bittium Oyj Approves Dividend for the Financial Year Ended December 31, 2023, Payable on April 19, 2024 Bittium Oyj at its AGM held on April 10, 2024, approved dividend of EUR 0.03 per share will be distributed for the financial year ended December 31, 2023. The dividend will be paid to a shareholder who, on the record date for the dividend payment, April 12, 2024, is registered in the company’s shareholders’ register maintained by Euroclear Finland Ltd. The dividend will be paid on April 19, 2024. Upcoming Dividend • Apr 04
Upcoming dividend of €0.03 per share Eligible shareholders must have bought the stock before 11 April 2024. Payment date: 19 April 2024. The company is not currently making a profit and is not cash flow positive. Trailing yield: 0.6%. Lower than top quartile of British dividend payers (6.0%). Lower than average of industry peers (1.7%). New Risk • Mar 27
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 7.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 24
Full year 2023 earnings released: €0.15 loss per share (vs €0.007 profit in FY 2022) Full year 2023 results: €0.15 loss per share (down from €0.007 profit in FY 2022). Revenue: €75.5m (down 9.0% from FY 2022). Net loss: €5.43m (down €5.68m from profit in FY 2022). Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 9.9% growth forecast for the Software industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 62 percentage points per year, which is a significant difference in performance. Declared Dividend • Feb 11
Dividend reduced to €0.03 Dividend of €0.03 is 40% lower than last year. Ex-date: 11th April 2024 Payment date: 19th April 2024 Dividend yield will be 0.6%, which is lower than the industry average of 1.7%. Reported Earnings • Feb 10
Full year 2023 earnings released: €0.15 loss per share (vs €0.007 profit in FY 2022) Full year 2023 results: €0.15 loss per share (down from €0.007 profit in FY 2022). Revenue: €78.6m (down 5.3% from FY 2022). Net loss: €5.40m (down €5.65m from profit in FY 2022). Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 9.5% growth forecast for the Software industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 60 percentage points per year, which is a significant difference in performance. Annonce • Jan 24
Bittium Corporation Appoints Antti Näykki as Vice President, Group Business Development from Senior Vice President, Medical Business Segment, Effective February 1, 2024 Bittium Corporation announced that Antti Näykki, Senior Vice President, Medical Business Segment, Bittium Corporation (Engineer, Embedded Systems) has been appointed as Vice President, Group Business Development as of February 1, 2024. He will continue as a member of Bittium Corporation's management group. In this role, Näykki will focus on building Bittium's long-term growth. He will also be responsible for the management of the group's research activities, supply chains and quality, as well as human resources and information management. Näykki was responsible for Bittium Corporation's business development during the years 2019-2021 and in his new role will continue to advance the company's profitable growth strategy. Näykki reports to CEO Johan Westermarck. Laura Kauppinen, Bittium Corporation's Chief Development Officer (PhD, Psychology) has been appointed as Senior Vice President, Medical Business Segment as of February 1, 2024. Kauppinen will also continue as a member of Bittium Corporation's management group. Kauppinen started at Bittium in June 2023 as Chief Development Officer, leading the group's strategy update and a significant change process with the target to turn Bittium into a healthy company. In her new role, Kauppinen will focus on implementing the updated strategy to enable profitable growth in the Medical business. Kauppinen reports to CEO Johan Westermarck. As of February 1, 2024, Bittium Corporation's management group includes following persons: CEO Johan Westermarck(Chairman), CFO Antti Keränen, CLO Kari Jokela, Vice President Communications and Sustainability Karoliina Malmi,Vice President Group Business Development Antti Näykki, and the heads of Business Segments: Tommi Kangas, Senior Vice President, Defense & Security Business Segment, Jari Inget, Vice President, Engineering Services Business Segment, and Laura Kauppinen, Senior Vice President, Medical Business Segment. New Risk • Nov 24
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 8.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Annonce • Oct 20
Bittium Corporation Provides Earnings Guidance for the Year 2023 and 2024 Bittium Corporation provided earnings guidance for the year 2023 and 2024. For the year 2023, the company expects net sales to be at the same level or lower than in the previous year (EUR 82.5 million in 2022) and the operating result to be lower than in the previous year (EUR 0.3 million in 2022). For the year 2024, the company aims for an average annual net sales growth of more than 10 % and an operating profit level of 10% and estimates that it will achieve these goals in 2024. Annonce • Sep 16
Bittium Corporation Lowers Earnings Guidance for the Year 2023 Bittium Corporation lowered earnings guidance for the year 2023. For the year, the company expects the net sales in 2023 to be at the same level or lower than in the previous year (EUR 82.5 million in 2022), and the operating result to be lower than in the previous year (EUR 0.3 million in 2022). The main reason for the decrease in net sales and operating profit is the delivery volumes of tactical communication products and security solutions in the Defense & Security business unit, which are realizing during the current year at a slower pace and with lower volumes than expected. Due to the decrease in the net sales and operating result, the cash flow in 2023 is expected to be negative. Previous Financial Outlook for 2023, published on August 4, 2023, in the Half-Year Financial Report January-June 2023: Bittium expected the net sales in 2023 to grow and the operating result to improve from the previous year (net sales EUR 82.5 million in 2022 and operating resultEUR 0.3 million in 2022). Cash flow in 2023 is expected to be positive. Annonce • Aug 14
Bittium Announces Management Changes Jari Sankala, Senior Vice President, Defense & Security Business Unit of Bittium Corporation, and member of Bittium Corporation's management group, has decided to leave the company and continue his career outside of Bittium. Sankala will continue to work for the Company until February 14, 2024, acting as Advisor for the Defense & Security business to facilitate a smooth transition. Tommi Kangas (51, Master of Engineering, machine automation), Senior Vice President, Connectivity Solutions Business Unit and a member of Bittium Corporation's management group will take over to lead the Defense & Security Business Unit for the time being. While Kangas is focusing on the Defense & Security Business Unit, Jari Inget (46, MSc. Electrical Engineering) has been appointed as the interim Vice President, Connectivity Solutions Business Unit. Inget will also represent the Connectivity Solutions Business Unit in Bittium Corporation's management group. Inget has a long history in the Connectivity Solutions Business Unit in various management positions, most recently as business director. The changes will take effect immediately. Both Tommi Kangas and Jari Inget will report to Johan Westermarck, CEO of Bittium Corporation. As of August 14, 2023, Bittium Corporation's management group includes following persons: CEO Johan Westermarck (Chairman), CFO Antti Keränen, CLO Kari Jokela, Karoliina Malmi Vice President, Investor Relations, Communications and Marketing, CDO Laura Kauppinen, and the heads of business units: Antti Näykki, Senior Vice President, Medical Technologies; Tommi Kangas, Senior Vice President, Defense & Security (acting); and Jari Inget, Vice President, Connectivity Solutions (acting). Reported Earnings • Aug 07
First half 2023 earnings released: €0.10 loss per share (vs €0.017 loss in 1H 2022) First half 2023 results: €0.10 loss per share (further deteriorated from €0.017 loss in 1H 2022). Revenue: €35.8m (down 14% from 1H 2022). Net loss: €3.60m (loss widened €3.00m from 1H 2022). Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 8.4% growth forecast for the Software industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 53 percentage points per year, which is a significant difference in performance. Annonce • Jul 26
Bittium Corporation Appoints Raimo Jyväsjärvi as an Advisor to the Board of Directors Bittium Corporation has signed an agreement with Lieutenant General (ret) Raimo Jyväsjärvi (67 years, Master of Science in National Resource Strategy), according to which, effective immediately, Mr. Jyväsjärvi will act as an advisor to Bittium Corporation’s Board of Directors, especially regarding Defense & Security business. Since the beginning of 2016, Mr. Jyväsjärvi has worked at the Finnish Ministry of Defense as the national armaments director (NAD), department head and director general of the Resource Policy Department. Prior to this, he served as Deputy Chief of Staff Logistics and Armaments in the Defence Command in 2014-2015, Commander of the Finnish Army in 2011-2014, and Commanding General of the Army Materiel Command in 2009-2011. In 2008 and 2009, he held special assignments at the National Defense University in the United States. Annonce • May 20
Bittium Oyj (HLSE:BITTI) commences an Equity Buyback Plan for 3,500,000 shares, representing 9.8% of its issued share capital, under the authorization approved on April 12, 2023. Bittium Oyj (HLSE:BITTI) commences share repurchases on May 19, 2023, under the program mandated by the shareholders in the Annual General Meeting held on April 12, 2023. As per the mandate, the company is authorized to repurchase up to 3,500,000 shares, representing 9.8% of its share capital. The authorization is valid until June 30,2024. As of March 3, 2023, the company had 35,702,264 shares outstanding.
On May 17, 2023, the company announced a share repurchase program. Under the program, the company will 240,000 shares, representing 0.67% of the total number of the Company’s shares, for €1 million. The share repurchases will commence on May 19, 2023, and end no later than on November 30, 2023. Upcoming Dividend • Apr 06
Upcoming dividend of €0.05 per share at 1.2% yield Eligible shareholders must have bought the stock before 13 April 2023. Payment date: 21 April 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 1.2%. Lower than top quartile of British dividend payers (5.9%). Lower than average of industry peers (1.8%). Reported Earnings • Mar 24
Full year 2022 earnings released: EPS: €0.007 (vs €0.093 in FY 2021) Full year 2022 results: EPS: €0.007 (down from €0.093 in FY 2021). Revenue: €83.0m (down 5.1% from FY 2021). Net income: €253.0k (down 92% from FY 2021). Profit margin: 0.3% (down from 3.8% in FY 2021). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 9.3% growth forecast for the Software industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Reported Earnings • Feb 12
Full year 2022 earnings released: EPS: €0.007 (vs €0.093 in FY 2021) Full year 2022 results: EPS: €0.007 (down from €0.093 in FY 2021). Revenue: €85.7m (down 1.9% from FY 2021). Net income: €300.0k (down 91% from FY 2021). Profit margin: 0.4% (down from 3.8% in FY 2021). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 8.9% growth forecast for the Software industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Annonce • Feb 10
Bittium Oyj Proposes Dividend for the Financial Period of January 1, 2022 - December 31, 2022, Payable on April 21, 2023 The Board of Directors proposed that the Annual General Meeting to be held on April 12, 2023, resolve to pay EUR 0.05 per share as a dividend based on the balance sheet to be adopted for the financial period January 1, 2022 - December 31, 2022. The dividend will be paid to the shareholders who are registered in the company's register of shareholders as maintained by Euroclear Finland Ltd. on the dividend record date, April 14, 2023. The Board of Directors proposes that the dividend be paid on April 21, 2023. Reported Earnings • Aug 05
Second quarter 2022 earnings released: EPS: €0.017 (vs €0.015 in 2Q 2021) Second quarter 2022 results: EPS: €0.017 (up from €0.015 in 2Q 2021). Revenue: €23.7m (up 4.4% from 2Q 2021). Net income: €600.0k (up 20% from 2Q 2021). Profit margin: 2.5% (up from 2.2% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 15%, compared to a 21% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Mar 31
Upcoming dividend of €0.04 per share Eligible shareholders must have bought the stock before 07 April 2022. Payment date: 19 April 2022. Payout ratio is a comfortable 43% but the company is not cash flow positive. Trailing yield: 0.7%. Lower than top quartile of British dividend payers (4.7%). Lower than average of industry peers (2.0%). 
