Sierra Wireless reported Q2 revenue of $188.0 million, up 41%

Citing strong demand and the realization of investments in inventory to combat the ongoing supply chain tightness, Sierra Wireless reported Q2 revenue of $188.0 million, an increase of 41.5% compared to the second quarter of 2021.

Gross margin was 33.6% as compared to 34.8% in the second quarter of 2021. In the second quarter of 2022, gross margin was impacted by product mix and higher component costs.

Operating expenses were $44.6 million compared to $55.6 million in the second quarter of 2021. Second quarter expenses included a $9.2 million gain on sale of our Omnilink offender monitoring business. Adjusted EBITDA was $22.4 million compared to $4.3 million in the second quarter of 2021.

Some highlights:

• Connectivity, software, and services revenue was $31.4 million, a decrease of 10.7% compared to the second quarter of 2021. This decrease was primarily due to the sale of the Omnilink offender monitoring business and the impact of the shutdown of 2G/3G networks in the United States on the company's home security business.
• Monthly recurring revenue ("MRR")2, 3 was $9.1 million in June 2022 compared to $9.3 million in June 2021.
• Revenue from IoT Solutions increased 54.7% to $139.7 million as compared to $90.3 million in the second quarter of 2021. The increase was primarily due to strong demand for connected devices globally and the realization of investments in inventory to combat the ongoing supply chain tightness. Increase in demand includes acceleration in IoT modules deployment across  industrial customers. IoT Solutions gross margin was 30.1%, compared to 27.0% in the second quarter of 2021. The increase in gross margin was primarily due to price increases, product mix, and improved absorption of fixed costs from increased volume.
• Revenue from Enterprise Solutions increased 13.6% to $48.3 million as compared to $42.5 million in the second quarter of 2021. The increase was primarily due to strong demand for routers in our key industrial and public safety verticals, partially offset by decline in connectivity, software, and services revenue resulting from the sale of the Omnilink offender monitoring business and the impact of the shutdown of 2G/3G networks in the United States on the company's home security business. Enterprise Solutions gross margin was 43.9% as compared to 51.3% in the second quarter of 2021. The decrease in gross margin was primarily due to product mix and higher component costs.

https://www.sierrawireless.com

Semtech to acquire Sierra Wireless for LoRa + Cellular IoT

Tuesday, August 02, 2022  IOT, Mergers And Acquisitions, Semtech, Sierra Wireless  

Semtech agreed to acquire Sierra Wireless, a leading supplier of Internet of Things (IoT) solutions, for US$31 per share in an all-cash transaction representing a total enterprise value of approximately US$1.2 billion.Semtech said the deal will significantly expand its addressable market and is expected to approximately double Semtech’s annual revenue and create a strong and diverse portfolio of connectivity solutions for the growing IoT market. Significantly,...

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NETGEAR to Acquire Sierra Wireless' AirCard Business

Monday, January 28, 2013  LTE, Mergers And Acquisitions  

NETGEAR agreed to acquire Sierra Wireless' AirCard business, including customer relationships, certain intellectual property, inventory and fixed assets, for approximately $138 million in cash. Sierra Wireless expects to net about $100 million from the asset sale, after related liabilities, taxes, expenses, and funds held in escrow. Sierra Wireless' AirCard business supplies a range of data cards, dongles, and hotspots for 3G and 4G networks....

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Sierra Wireless to sell its Automotive Embedded Module business

Thursday, July 23, 2020  Sierra Wireless  

Sierra Wireless will divest its Shenzhen, China-based automotive embedded module product line for US$165 million in cash. The purchaser, Rolling Wireless (H.K.) Limited, is a consortium led by Fibocom Wireless Inc. of Shenzhen. The divested product line is part of the company’s Embedded Broadband reporting segment. Sierra Wireless will exit automotive applications but will continue to invest in other product lines in its Embedded Broadband segment,...

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Semtech to acquire Sierra Wireless, bringing together LoRa + Cellular IoT

Semtech agreed to acquire Sierra Wireless, a leading supplier of Internet of Things (IoT) solutions, for US$31 per share in an all-cash transaction representing a total enterprise value of approximately US$1.2 billion.

Semtech said the deal will significantly expand its addressable market and is expected to approximately double Semtech’s annual revenue and create a strong and diverse portfolio of connectivity solutions for the growing IoT market. 

Significantly, the merger brings together Semtech's LoRa with Sierra Wireless' cellular IoT to enable the digitization of the industrial world with a comprehensive chip-to-Cloud platform.

Semtech expects the combination of Sierra Wireless’ cellular capabilities across its modules, gateways and managed connectivity together with Semtech’s LoRa-enabled end nodes to create a uniquely differentiated IoT portfolio which will enable a plethora of new IoT use cases to be conceived.

“We believe the next era of technology growth is the full digitization of our industrial world – the Internet of Everything. Our vision is to build a simple, horizontal platform with the goal of accelerating this transformation and to bring about a smarter and more sustainable planet,” said Semtech president and chief executive officer, Mohan Maheswaran. “This exciting strategic acquisition of Sierra Wireless is a critical part of bringing this vision to life through the combination of cellular, LoRa and Cloud services. Together, with the world-class Sierra Wireless engineering team, we will be positioned to advance the market with multi-radio solutions that bring new chip-to-Cloud services to support customers and grow our business.”

“Over the last year, Sierra Wireless has taken decisive steps to profitably grow the business, and I am proud that the progress we have made has culminated in this exciting transaction. Together with Semtech, we will be able to extend the reach of IoT solutions by scaling, optimizing and ultimately delivering an even stronger product portfolio and service model to customers,” said Phil Brace, president and chief executive officer of Sierra Wireless. 

https://www.semtech.com

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Sierra Wireless hits Q4 revenue of $149.9 million, up 24%

Sierra Wireless reported Q4 2021 revenue was $149.9 million, an increase of 24.4% year-over-year. 

Sierra Wireless said the improved performance was due to (i) strong demand; (ii) realization of previous investments in inventory in a supply constrained environment; and (iii) improved manufacturing flexibility with multi-factory production.

• Gross margin was 32.5% as compared to 36.0% in the fourth quarter of 2020. The decrease was mainly driven by higher component costs as a result of the continued supply chain constraints as well as product mix. Operating expenses were $58.6 million, a decrease of 10.8% resulting from improved expense control measures.
• Connectivity, software, and services revenue was $36.3 million, an increase of 11.3%. Monthly recurring revenue was $11.6 million in December, a year-over-year increase of 10.5%.

“We worked closely with our customers, partners and suppliers to deliver strong sequential and year-over-year revenue growth in the Fourth Quarter,” said Phil Brace, President and CEO of Sierra Wireless. "We continue to see strong demand for our solutions and we are working hard in a challenging environment to secure raw materials and deliver to our customers."

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Sierra Wireless posts Q2 sates of $133 million, up 19% yoy

Sierra Wireless reported Q2 revenue of $132.8 million, an increase of 18.9% compared to $111.7 million in the second quarter of 2020. Gross margin was 34.8% in the second quarter of 2021 compared to 36.7% in the second quarter of 2020. The decrease was primarily impacted by increased component costs. Adjusted net loss from continuing operations was $1.1 million, or loss of $0.03 per share, in the second quarter of 2021 compared to $13.0 million, or loss of $0.36 per share, in the second quarter of 2020.

Quarterly revenue for our two business segments was as follows:

• Revenue from IoT Solutions increased by 16.3% to $90.3 million compared to $77.6 million in the second quarter of 2020. The increase in revenue was primarily due to the growth in LPWA and mobile broadband modules as well as IoT connectivity.
• Revenue from Enterprise Solutions increased by 24.6% to $42.5 million compared to $34.1 million in the second quarter of 2020. The increase was primarily due to improved sales of our enterprise gateway products.

“Revenue in the Second Quarter improved year over year and sequentially, non-GAAP operating expenses remained flat with the prior quarter, and Adjusted EBITDA improved,” said Phil Brace, President and CEO. “I look forward to bringing my operational and strategic experience to Sierra Wireless as we focus on profitable growth.”

Product revenue increased 15.1% year over year to $97.6 million, representing 73.5% of consolidated revenue in the quarter. Connectivity, software, and services revenue increased 30.8% year over year to $35.2 million, representing 26.5% of consolidated revenue. Monthly recurring revenue was $11.4 million in June, a year over year increase of 25.3%.

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Sierra Wireless appoints Phil Brace as president and CEO

Sierra Wireless appointed Phil Brace as its new President and CEO, effective July 26, 2021, replacing Kent Thexton, will stay on at Sierra Wireless until August 13, 2021 to complete the transition.

Brace was most recently Executive Vice President at Veritas Technologies. His previous executive roles include President of Seagate Technology’s Cloud Systems and Electronic Solutions, Executive Vice President at LSI Corporation, and General Manager at Intel Corporation. Brace holds a Bachelor’s degree in Applied Science from the University of Waterloo and a Master’s degree in Electrical Engineering from California State University, Sacramento.

Board Chair Robin Abrams also commented: "On behalf of the entire Board, I would like to thank Kent for his significant contributions to Sierra Wireless, both over the 13 years he spent as a member of the Board and over the last three years as CEO. Thanks to his vision and leadership, Sierra has successfully transformed from a hardware-only company to a strong and dynamic market leader in IoT services and solutions. We wish Kent all the best in his retirement."

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Sierra Wireless hit by ransomware, knocking manufacturing offline

Sierra Wireless was hit by a ransomware attack on its internal IT systems on March 20, 2021. The attack has caused the company to halt production at its manufacturing sites. The company’s website and other internal operations have also been disrupted by the attack.

Sierra Wireless is asking its customers and partners for their patience as it seeks to recover. The company has its withdrawn its First Quarter 2021 guidance it provided on February 23, 2021.

https://www.sierrawireless.com/

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Sierra Wireless sells Shenzhen-based automotive embedded module line

Sierra Wireless completed the previously announced sale of its Shenzhen, China-based automotive embedded module product line to Rolling Wireless (H.K.) Limited (“Rolling Wireless”) for US$165 million in cash. The sale of the automotive product line includes approximately US$19 million of cash and is subject to normal working capital adjustments.

The automotive embedded modules were developed in China by Sierra Wireless and manufactured in China by outsourced contract manufacturers for sale to global electronics companies for integration into new vehicles assembled in China, Europe, and Mexico. Approximately 150 of the Company’s employees located in Mainland China, Europe and in the Asia Pacific region are becoming employees of Rolling Wireless upon the closing of the transaction.

“This divestiture of the Automotive product line enables Sierra Wireless to strengthen our focus and success in investment in our IoT Solutions that deliver high-value recurring revenue,” said Kent Thexton, President and CEO of Sierra Wireless. “Completing the transaction also gives us financial strength as we expand our position in the growing IoT solutions market as well as broaden our portfolio of new 5G modules and gateways for the Enterprise and Mobile Broadband markets.”

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Sierra Wireless ships 5G NR Sub-6 GHz and mmWave modules

Sierra Wireless released its first-to-market EM919x 5G NR Sub-6 GHz and mmWave embedded modules.

The 5G modules, which based on the M.2 form factor, enable OEMs to include 5G in computing devices, routers, gateways, industrial automation, and many new Industrial IoT applications.

Larry Zibrik, Vice President, 5G & Embedded Broadband, Sierra Wireless, said: “5G is the most technically challenging evolution in the history of wireless, particularly because of the introduction of mmWave. Sierra Wireless has delivered industry-leading embedded modules, beginning with the first generation of cellular data technologies, and we’re the only partner with the experience to help our customers navigate the complexities of 5G. Industry leaders trust Sierra Wireless to help them get to market on time with secure 5G connectivity, and to invest in the expertise required to enable future key features, such as dynamic spectrum sharing (DSS) and 5G NR standalone mode for even higher performance.”

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Sierra Wireless to sell its Automotive Embedded Module business

Sierra Wireless will divest its Shenzhen, China-based automotive embedded module product line for US$165 million in cash. The purchaser, Rolling Wireless (H.K.) Limited, is a consortium led by Fibocom Wireless Inc. of Shenzhen.

The divested product line is part of the company’s Embedded Broadband reporting segment. Sierra Wireless will exit automotive applications but will continue to invest in other product lines in its Embedded Broadband segment, specifically high-speed cellular modules typically used in Enterprise applications.

These retained products include 4G LTE and LTE-Advanced cellular embedded modules that are ordered in large volumes, as well as new industry-leading 5G modules that will be made available to customers from its retained business. Sierra Wireless’s 5G modules and gateways are expected to be available in Q4 2020, extending its broad portfolio of IoT solutions.

“This divestiture enables Sierra Wireless to strengthen our focus and investment in our fully integrated IoT solutions that deliver high-value recurring revenue,” said Kent Thexton, President and CEO of Sierra Wireless. “This transaction will improve our balance sheet and allow us to expand our R&D centre in Richmond, British Columbia to accelerate our innovation in integrated IoT solutions and 5G modules, gateways and routers.”

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Sierra Wireless samples 5G embedded modules

Sierra Wireless announced an expanded portfolio of mobile broadband embedded modules for mobile computing, routers, gateways, industrial automation, and new IoT applications, such as robotics, drones and private networks.

Sierra Wireless’ 5G EM919x and 4G LTE Cat-20 EM769x embedded modules are sampling now to OEMs and system integrators requiring secure connectivity and the highest possible speeds to deploy cellular on their mobile computing, networking and IoT platforms worldwide. Built on the Qualcomm Snapdragon X55 5G Modem-RF System, the new EM919x standards-based M.2 modules support 5G NR mmWave, 5G NR sub-6 GHz and LTE technologies globally, as defined by the 3GPP Release 15 standard.

Sierra Wireless is also refreshing its 4G LTE products based on the Qualcomm® Snapdragon™ X16 LTE modem, which will allow customers to more cost-effectively utilize all the available high-speed 4G network bands, including those for CBRS in the U.S. and Private LTE applications. All devices are compatible with current Sierra Wireless EM/MC devices, with no changes required to the host design to speed time to market. The new EM/MC74x1 Cat-7 modules are a secure and cost-effective alternative to existing Sierra Wireless EM/MC745x Cat-6 modules. The devices are capable of 150Mb/s uplink, onboard image switching and secure boot. The portfolio includes:

• EM/MC7411 – M.2 form factor and mPCIe Minicard LTE Cat-7 supporting all North American carriers, CBRS and FirstNet™
• EM/MC7421 - M.2 form factor and mPCIe Minicard LTE Cat-7 supporting Europe and Asia-PAC carriers and Private LTE networks
• EM/MC7431 M.2 form factor and mPCIe Minicard LTE Cat-7 supporting all Japan carriers and Private LTE networks

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Sierra Wireless posts revenue of $174 million, down 13.5%

Sierra Wireless reported Q4 2019 revenue of $174.3 million, down 13.5% year-over-year, a GAAP loss of $0.30 per share, and a Non-GAAP loss of $0.08 per share.

Recurring and other services revenue was 15.2% of quarterly revenue compared to 11.6% in 2018. Revenue from IoT Solutions was $90.9 million in the fourth quarter of 2019, a decrease of 5.0%, compared to $95.7 million in the fourth quarter of 2018 due primarily to lower Integrated IoT solutions module revenue, partially offset by stronger recurring and other services revenue.

“We announced just over a year ago our strategy to transform from a hardware-focused IoT company to delivering full IoT solutions with recurring revenue attached to our market leading IoT devices. In 2019, we made tremendous progress and delivered on our plan with $99.1 million in recurring and other services revenue,” said Kent Thexton, President and CEO. “And more importantly, we achieved record design win success with over $90 million of future recurring revenue from hundreds of new accounts. We launched market leading IoT solutions like our Octave product, increased our IoT connections by more than 400,000 and ended 2019 with 3.6 million global connections. We are seeing strong customer demand for our bundled solutions and increasing design wins in the growing IoT market.”

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Sierra Wireless Q4 revenues rise 10% YoY

Sierra Wireless reported Q4 2018 revenue of $201.4 million, an increase of 9.7% compared to $183.5 million in the fourth quarter of 2017. Product revenue was $178.2 million, up 5.3% year-over-year, and Services and other revenue was $23.2 million, up 63.0% compared to the fourth quarter of 2017. Net loss was $3.8 million, or $0.11 per diluted share, in the fourth quarter of 2018 compared to net loss of $3.5 million, or $0.11 per diluted share, in the fourth quarter of 2017. Non GAAP Net earnings amounted to $9.0 million, or $0.25 per diluted share, in the fourth quarter of 2018 compared to net earnings of $9.2 million, or $0.28 per diluted share, in the fourth quarter of 2017.

Quarterly revenue for the three business segments was as follows: (i) Revenue from OEM Solutions was $148.7 million in the fourth quarter of 2018, up 6.4% compared to $139.8 million in the fourth quarter of 2017; (ii) Revenue from Enterprise Solutions was $30.3 million in the fourth quarter of 2018, down 5.1% compared to $31.9 million in the fourth quarter of 2017; and (iii) Revenue from IoT Services was $22.4 million in the fourth quarter of 2018, up 89.1%, compared to $11.9 million in the fourth quarter of 2017, driven by the contribution from Numerex and organic subscriber growth.

“We are accelerating the transformation of the company into a global IoT solutions and services provider. We are centralizing our R&D, combining our global sales team and driving efficiency programs throughout our operations,” said Kent Thexton, President and CEO of Sierra Wireless.

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Sierra Wireless posts Q3 revenue of $203 million, up 18%

Sierra Wireless reported Q3 2018 revenue of $203.4 million, an increase of 17.9%, compared to $172.6 million in the third quarter of 2017. Gross margin was $67.3 million, or 33.1% of revenue, in the third quarter of 2018 compared to $57.3 million, or 33.2% of revenue, in the third quarter of 2017. Non-GAAP net earnings were $10.5 million, or $0.29 per diluted share.

“We had strong growth in revenue and adjusted EBITDA on a year-over-year basis in the Third Quarter,” said Kent Thexton, President and CEO. “We continued to strengthen our position as the leader in Device-to-Cloud IoT solutions and our two highest margin businesses - namely Enterprise Solutions and IoT Services - increased to 27% of total revenue in Q3.”

Highlights:

• Product revenue was $179.4 million, up 11.1% year-over-year
• Services and Other revenue was $24.0 million, up 117.8% compared to the third quarter of 2017. 
• Quarterly revenue for the three business segments was as follows: (i) Revenue from OEM Solutions was 148.3 million in the third quarter of 2018, up 7.6% compared to $137.9 million in the third quarter of 2017; (ii) Revenue from Enterprise Solutions was $32.1 million in the third quarter of 2018, up 22.0% compared to $26.3 million in the third quarter of 2017; and (iii) Revenue from IoT Services was $23.0 million in the third quarter of 2018, up 172.8%, compared to $8.4 million in the third quarter of 2017 driven by the contribution from Numerex and organic subscriber growth.

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Sierra Wireless names Kent Thexton as CEO and Robin Abrams as Chair

Sierra Wireless appointed Kent Thexton as president & CEO.

Thexton has been serving as interim president & CEO since May 31st, 2018. Previously, Thexton was founding Chief Marketing Officer and board member of O2 plc in the U.K. (now part of Telefonica); the Chief Operating Officer of Rogers Cantel in Canada; and he co-founded a Mobile Virtual Network Operator (MVNO) business in the U.S. Mr. Thexton has spent the past five years in Canada as Managing Partner at OMERS Ventures and Co-founder and General Partner at ScaleUp Ventures.

On accepting his role as President & CEO, Mr. Thexton commented: “I am passionate about Sierra Wireless’s global leadership opportunity and honored to lead the company on a permanent basis. For the past four months, in my interim role, I experienced the strong position Sierra Wireless has in the global market and the major opportunity ahead with its strengthening service and solutions business. With dynamic evolutions in the IoT market, I am certain that a clear, aggressive strategy for the company is critical in directing our resources towards key growth opportunities.”

In addition, Robin Abrams, who has served on the company’s board since 2010, has been appointed by the Board of Directors to be the new Chair replacing Mr. Thexton who joined the board in March 2005 and has served as Chair since February 2016. In her new role, Ms. Abrams brings more than 30 years of experience in the technology industry having held key management positions for some of the world’s most high-profile technology companies, including Apple, VeriFone, and Palm Computing. Ms. Abrams is currently an active director on three other Boards of U.S. based technology companies.

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Sierra Wireless debuts IoT cellular router for LTE, LTE-M, NB-IoT

Sierra Wireless introduced a compact cellular router for the IoT with support for LTE and LTE-M/NB-IoT variants

The AirLink LX40 supports data processing at the edge and is designed for connecting cameras, smart lockers and point-of-sale terminals, as well as industrial remote data logging and sensing equipment in indoor or protected-outdoor locations.

Sierra Wireless also said its AirLink LX40 also enables IoT edge programmability, supporting the field-proven ALEOS Application Framework for embedded applications, as well as tightly integrated cloud services and APIs. These features, combined with LTE-M/NB-IoT connectivity and a rich set of I/O options for data acquisition and sensor aggregation, enable critical data to be processed at the edge to drive application insight and create event-driven situational awareness, while optimizing data transmission. LTE-M/NB-IoT support also provides five to 10X enhanced coverage in remote locations or buildings, while reducing monthly data plan costs by up to 10X.

“Enterprises are gathering business intelligence by deploying IoT solutions over a diverse range of locations and assets, from security cameras in a warehouse to manufacturing equipment on a factory floor,” said Jason Krause, Senior Vice President and General Manager, Enterprise Solutions, Sierra Wireless. “AirLink LX40 represents the evolution of our router portfolio, starting with the LX60, to bring the same secure connectivity experience as our rugged performance portfolio, but in an even more compact form factor that is optimized for enterprise IoT applications.”

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Sierra Wireless intros FirstNet vehicle router

Sierra Wireless unveiled its AirLink MG90 High-Performance Multi-Network Vehicle Router supporting FirstNet’s First Priority – which includes priority and pre-emption for first responders – and FirstNet’s 700MHz Band 14 spectrum. The router supports LTE-Advanced Pro (Cat-12 speeds) and can switch seamlessly between FirstNet Band 14 wireless spectrum and other U.S. commercial mobile networks, with dual concurrent Gigabit Wi-Fi and Gigabit Ethernet and extensions to Land Mobile Radio (LMR) and satellite systems.  This is the first device of its kind to achieve the FirstNet Ready designation.

The router is based on Sierra Wireless' AirPrime EM7511 LTE-Advanced Pro embedded module, which was also recently approved by AT&T and is the first embedded module available for the FirstNet network.

“We’re pleased to welcome Sierra Wireless to the FirstNet ecosystem,” said Chris Sambar, senior vice president, AT&T – FirstNet. “The more tools public safety has access to on their network, the more we can help them achieve their mission. Sierra Wireless already has a well-established relationship with the first responder community, and with the FirstNet Ready designation, first responders can be confident that Sierra Wireless’ AirLink MG90 router is a trusted solutioand performance.”
n that meets FirstNet’s standards for relevancy, high security

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Sierra Wireless' CEO announces retirement

Sierra Wireless Jason Cohenour will retire from his position as President and Chief Executive Officer and will be stepping down as a director of the company.

Kent Thexton, Chair of Sierra’s Board of Directors, has been named interim CEO. A search is underway for a permanent replacement.

“On behalf of the entire Board, I want to thank Jason for his significant contributions to Sierra Wireless throughout his 22 years with the company, including the last 12 years as CEO,” said Mr. Aasen. “Thanks to Jason’s vision and leadership, Sierra successfully refocused its strategy and transitioned into a global leader in the IoT market. The Board will be taking this opportunity to recruit a world class leader to guide the Company through its next phase of growth and value creation. Kent has extensive experience serving in senior leadership positions in the international wireless and technology industries, and I am confident he is the right person to guide Sierra while we conduct a thorough search for our next CEO.”

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Sierra Wireless posts sales of $187M, up 16%

Sierra Wireless reported revenue of $186.9 million for the first quarter of 2018, an increase of 15.9% compared to $161.2 million in the first quarter of 2017. Gross margin was $62.1 million, or 33.2% of revenue, in the first quarter of 2018, compared to $55.5 million, or 34.4% of revenue, in the first quarter of 2017. Non-GAAP net earnings were $3.3 million, or $0.09 per diluted share, in the first quarter of 2018, compared to net earnings of $7.8 million, or $0.24 per diluted share, in the first quarter of 2017.

Product revenue was $162.9 million, up 7.8% year-over-year and Services and Other revenue was $24.0 million, up 138.6% compared to the first quarter of 2017. This breaks down as follows:

• Revenue from OEM Solutions was $135.2 million in the first quarter of 2018, up 2.1% compared to $132.4 million in the first quarter of 2017
• Revenue from Enterprise Solutions was $29.2 million in the first quarter of 2018, up 34.5% compared to $21.7 million in the first quarter of 2017 
• Revenue from IoT Services was $22.5 million in the first quarter of 2018, up 217.6% compared to $7.1 million in the first quarter of 2017. IoT Services results include the first full quarter of contribution from Numerex.

“In the first quarter of 2018, we delivered strong year-over-year revenue growth in our higher margin Enterprise Solutions and IoT Services lines of business,” said Jason Cohenour, President and CEO. “With the acquisition of Numerex, we have added significant scale to our recurring revenue base and IoT services capabilities. We expect to leverage our stronger IoT Services business platform to expand our leadership position in Device to Cloud solutions for the IoT.”

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Sierra Wireless posts Q4 revenue of $183.5 million up 13%

Sierra Wireless reported Q4 2017 revenue of $183.5 million, an increase of 12.6% compared to $163.0 million in the fourth quarter of 2016.

Revenue from OEM Solutions was $139.8 million in the fourth quarter of 2017, up 3.4% compared to $135.2 million in the fourth quarter of 2016. Revenue from Enterprise Solutions was $31.8 million in the fourth quarter of 2017, up 52.0% compared to $21.0 million in the fourth quarter of 2016. Revenue from IoT Services was $11.9 million in the fourth quarter of 2017, up 73.5% compared to $6.8 million in the fourth quarter of 2016.

GAAP net loss for the quarter was $3.5 million, or $0.11 per diluted share. Non-GAAP net earnings were $9.2 million, or $0.28 per diluted share, in the fourth quarter of 2017, compared to net earnings of $8.8 million, or $0.27 per diluted share, in the fourth quarter of 2016.

“In the fourth quarter of 2017, we delivered year-over-year revenue increases in each of our three segments, with particularly strong growth in our high margin Enterprise and IoT Services lines of business,” said Jason Cohenour, President and CEO. “We also significantly strengthened our IoT Services business with the addition of Numerex, and are now better positioned than ever before to expand our IoT services and scale our subscription-based recurring revenue.”

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Sierra Wireless' revenue rises 13% yoy as IoT gains traction

Sierra Wireless reported Q3 revenue of $173.2 million, an increase of 12.8% compared to $153.6 million in the third quarter of 2016. Gross margin was $57.8 million, or 33.3% of revenue, in the third quarter of 2017, compared to $49.4 million, or 32.1% of revenue, in the third quarter of 2016. Operating expenses were $57.5 million and earnings from operations were $0.2 million in the third quarter of 2017, compared to operating expenses of $49.4 million and a loss from operations of $0.1 million in the third quarter of 2016. Net earnings were $1.2 million, or $0.04 per diluted share, in the third quarter of 2017, compared to a net loss of $1.8 million, or $0.06 diluted per share, in the third quarter of 2016.

• Revenue from OEM Solutions was $138.5 million in the third quarter of 2017, up 8.4% compared to $127.8 million in the third quarter of 2016. 
• Revenue from Enterprise Solutions was $26.3 million in the third quarter of 2017, up 38.8% compared to $18.9 million in the third quarter of 2016. 
• Revenue from Cloud and Connectivity Services was $8.4 million in the third quarter of 2017, up 23.0% compared to $6.9 million in the third quarter of 2016.

In August 2017, Sierra Wireless agreed to acquire Numerex in a stock-for-stock merger transaction to expand its position as a leading global IoT pure-play.

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