Seluxit receives the third order for IoT technology for Smart Meters from an existing customer who supplies electricity meters in Germany, and increases the expectations for the revenue for the financial year 2018/2019.

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Seluxit receives the third order for IoT technology for Smart Meters from an existing customer who supplies electricity meters in Germany

Company Announcement No. 8-2018/2019 
Aalborg, March 29^th, 2019 

Seluxit receives the third order for IoT technology for Smart Meters from an existing customer, who supplies Smart Meters in Germany. Seluxit is adjusting the expectations for revenue for the financial year 2018/2019 and maintains expectations for profit before tax.

Seluxit cooperates with several large Smart Meter manufacturers in Germany. One of these manufacturers has just issued an additional order. The size of this order is approx. DKK 3 million of which more than half is expected to be delivered in the current financial year 2018/2019.

Seluxit is adjusting the expectations for revenue for 2018/2019 from DKK 12 million in the budget to DKK 15 million. Expectations for profit before tax is maintained at DKK -6 million.

CEO Daniel Lux, Seluxit:

” The establishment in the Smart Meter segment is strategically important for our business. We are really pleased with our good working relationships with highly professional Smart Meter manufacturers in Germany, where we share the goal of delivering a significant share of Smart Meters to the German market. Delivery of IoT technology for Smart Meters is one of our primary focus areas, as it forms the basis for increasing the proportion of recurring revenue for Seluxit, through data on our IoT platform.

We expect a higher proportion of hardware sales where we handle the production, compared to the budgeted, and this influences our expectations of revenue.

With this order, we have chosen to adjust our expectations for the revenue expectations announced by Seluxit in the company description of 18 October 2018 for the financial year 2018/19, while we maintain the expectations for the result.

Expectations to revenue is adjusted to DKK 15 million. (budget DKK 12 million).
Expectations to profit before tax is maintained on the budgeted -6 DKK million”.

Further information: CEO Daniel Lux.

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About Seluxit:
Seluxit is an Internet of Things (IoT) solution provider. We help product manufacturers connect their physical products to the Internet, and benefit from the value of data. Millions of Seluxit-powered IoT products are already deployed in 19 European countries and counting.  Seluxit’s vision is to be a major contributor to the story of the Internet of Things — how we humans can orchestrate connected products to improve our lives, while preserving our security and privacy.

• Customers include big international companies with multibillion turnovers
• Financial results have been positive each year since the company’s founding
• Technological advantage has been created through a focused reinvestment
• Workforce of 20 includes 12 nationalities