WOOD Flash – Bittnet Systems: 3Q20 review – seasonally weak quarter, in line with expectations
On Friday (13 November), Bittnet Systems reported its 3Q20 results. The results were soft, in line with expectations, as 3Q is seasonally weak for the company’s operating segments. Bittnet reported sales of RON 20.6m (up 30% yoy, 3% above our estimate), negative EBITDA of RON 0.3m (vs. the negative RON 1.2m recorded in 3Q19 and our negative RON 0.5m forecast) and a net loss of RON 2.5m (vs. the loss of RON 3.0m in 3Q19 and our RON 2.6m forecast). We note that the strong yoy improvement in the EBITDA (by RON 0.9m) was driven by both top-line and gross margin expansion (by 30% yoy) and strict opex control (opex was down 5% yoy in 3Q20).
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