LHV Institutional Baltic Insight, May 21st, 2020
* Considering the ongoing coronavirus pandemic and related uncertain economic developments, HansaMatrix (‘HMX’ or the ‘Company’) decided to announce its Q1 2020 sales number already at the end of April, ahead of the publishing of the full quarterly report this week. The reported total quarterly revenues did not differ from the preliminary number, amounting to EUR 5.18m, down 12.3% y-o-y.* However, the Company’s profit figures for the quarter came in weaker than anticipated, reflecting a significant deterioration in its underlying profitability, accompanied with further losses from its major affiliated company, LightSpace Technologies (‘LightSpace’). When explaining the factors causing the sluggish performance in Q1 2020, HMX refers mostly to different coronavirus induced implications.
* In February 2020, HMX announced that LightSpace successfully presented its newly developed AR headset at the SPIE AR MR VR 2020 conference in San Francisco and it received strong interest from many global companies involved in the AR/MR developments. LightSpace stated that it has started co-operation with several partners, who have chosen LightSpace’ headset technology for their product developments, though not revealing names of the partners. LightSpace plans to complete product design and industrialisation of the headset by the end of 2020 and start manufacturing at the beginning of 2021. We consider this as exciting news, potentially opening good opportunities for LightSpace to start monetising its novel technology and become a rapidly growing profitable business in the longer run.
LHV Bank is an independent pan-Baltic bank, based on Estonian capital. The company was founded in 1999 by two founders of Hansapank (today’s Swedbank in the Baltics) and has been offering a full range of investment services for 15 years. In May 2009, LHV received a credit institution licence allowing it to provide all banking services.
The head office is situated in Tallinn, Estonia. Cross-border services are offered in Vilnius, Lithuania and in Riga, Latvia. LHV provides brokerage (institutional and retail), asset management, banking and capital markets services. Compared to other banks, we are more innovative and have more solid experience in investment and entrepreneurship.
The Bank, together with the Group asset management company employs over 320 people. LHV Group shares are listed on Nasdaq Tallinn.
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