So, we got some young blood on the board.
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A small inner circle operates. And a company supposedly playing in international markets.
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Hi karoliina.malmi@bittium.com,
In your notice of the Annual General Meeting, the main shareholders proposed electing Jukka Harju to the future Board of Directors. If and when this appointment takes place, how do you feel your boardâs diversity principle will be realized in terms of age, gender, and expertise? However, the average age of the future board is already 67 years, there is still only one female member, and there will still be no actual medical expert on the board.
Second question. In the December strategy update, you stated that you would release a new EMG device in early year. Q1 is now behind us, so early year seems to be history already. What is the status of this release?
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The market was clearly excited about this new board member.
The new member will likely bring AI expertise to the board, and generally out-of-the-box thinking to Oulu.
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Hello again karoliina.malmi@bittium.com,
Over the past couple of years, Nokia has significantly invested in the defence business. According to the former CEO, this sector is one of Nokiaâs three growth areas in the future. Last year, Nokia acquired the US-based Fenix Group, which also offers tactical communication solutions.
According to Nokiaâs CEO, a tactical network can already be carried in a backpack to the battlefield, thus forming a âtactical bubble.â
How do you see it, is Nokia now or in the future a direct competitor to you in the defence sector, or do Nokiaâs and your products complement each other? If they complement each other, do you have any ongoing or planned cooperation regarding this matter, now that you will soon be physical neighbours?
If not, wouldnât it be in the best interests of you, Nokia, NATO, and Finland for two of the worldâs best communication solution providers to cooperate and thus conquer the global tactical communication markets together? Thank you.
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Last summer, you announced a framework agreement with BAE Systems concerning Bittiumâs tactical data transfer offering. At that time, you stated that the first tenders would begin in H2 2024.
Could you elaborate on how many tenders you have participated in and how many you intend to participate in? Have any tenders already concluded? When are the results of the tenders expected?
Does the framework agreement only apply to larger tenders, or does BAE also offer (sell) your products without tenders, e.g., Tough Mobile?
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Now that the defense market has taken off with an unprecedented amount of money, and all European companies are rushing to grab funds, I think it would be a completely absurd idea for two companies located on the same road in small Oulu to start competing with each other for the same markets and money. From the perspective of the shareholders of these two companies, the whole scenario would be, frankly, disgusting.
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Hi @Karoliina_Malmi,
As per the stock exchange release, on our CEOâs last working day, I would like to ask you to convey my warm thanks and appreciation for his actions for the benefit of Bittiumâs shareholders.
I believe that for almost the entire ownership, the best solution would have been if he could have continued to lead our company, but unfortunately, this is not the case now. I am especially grateful for the change he brought about in our company â at least temporarily â and for the fact that attention began to focus on profitability and sustainable business development. The annual sprawling stopped dead in its tracks.
As an owner, it was a pleasure to see concrete results, and not just explanations/lamentations about the future â although those still occurred, now the result was central.
I would also like to thank the board. One of the boardâs most important tasks is the selection of the CEO, and it was courageous to choose a leader from outside Bittium who had the expertise and ability, especially from outside the company, to put things in order. Clearly the boardâs best decision from the ownersâ perspective. Hopefully, the old ways will never return to our company with the change of CEO.
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Here are Juhaniâs comments on Finlandâs defense budget increase and Bittium. 
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Thatâs a grim recommendation for the stock. I canât understand why, after all the recent news, Q4-end orders, and figures, the recommendation is still âReduceâ.
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And if we return a bit to realism.
According to Inderesâ forecasts, EBIT roughly doubles from the current level (8.6 M â 17.1 M) by 2027 - i.e., at a very rapid pace. And the companyâs 2024 result was its best in living memory. And then with 2027 forecasts, EV/EBIT would be 13.8, so itâs not exactly super low even then. So, the market is clearly already pricing in a better tomorrow.
But of course, if revenue and operating profit start to rocket from here - and clearly faster than the current significantly upward-looking forecasts - then the stock might be cheaply priced. But is it realistic to rely on such a scenario?
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Large depreciations will still burden the result for a while, but no cash flow impact?
Knl then sells, and long cycles donât seem to bother, whereas with bit, they were complained about year after year. Do Karoliina bitâs radios still have any technical advantage compared to KNLâs product? Seriously, and not just in trade show fantasies?
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Bittiumâs business should start picking up soon. KNL is not a competitor. Good find by Toljanteri. âMajor General Tero Ylitalo, Director of the Finnish Defence Forces Logistics Command, and Rebecca Ihrfors, Head of the Command and Control Systems Department at the Swedish Defence Materiel Administration (FMV), signed an implementation document on April 2, 2025, for the command and control systems sector (C4I, Command, Control, Communications, Computers and Intelligence), to which Norway and Denmark are also invited to join. The document covers systems that provide a common situational picture, communication links, intelligence information, and decision-making support for issuing command orders and leading troops.â https://logistiikkalaitos.fi/-/1948673/pohjoismainen-puolustusyhteistyo-syvenee-sotilasoptroniikassa-ja-johtamisjarjestelmaalalla
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Hi karoliina.malmi@bittium.com,
How does Bittium view this Nordic implementation document regarding command and control systems, signed the day before yesterday (2.4.)?
Do you expect this to create sales opportunities for you in other Nordic countries in the future? Are there other competitors in the Nordic countries to cover the needs of this document regarding command and control systems?
At least the document fully covers your tactical communication offering, or do you agree with this?
âThe document covers systems that produce a common operational picture, communication links, intelligence information, and decision-making support for issuing commands and leading troops.â
Thank you.
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Hello karoliina.malmi@bittium.com,
The notice of the Annual General Meeting has been published. With it, shareholders have the opportunity to vote in advance on certain matters presented in the notice of the meeting. In previous years, it has been possible to vote for, against, or abstain. In this yearâs voting, it is only possible to vote for or abstain. Voting against has therefore been made impossible.
What is the reason for this change and what are the grounds for it? Have you investigated whether this method is even legal?
And even if the method were legal, donât you think this goes beyond all the rules of an open society?
Thank you.
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Hi @_HP
Thanks for your message, I forwarded it. Regards, Karoliina
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Hi @Tallitonttu, and thank you for your questions.
Key factors for the company include the complementary expertise of its members, their education and experience from various professions and industries, businesses at different stages of development, and leadership, as well as the membersâ personal qualities. The boardâs diversity is supported by experience from an international operating environment, the companyâs industries, geographical areas, and different cultures, as well as considering age and gender distribution. The goal is for both genders to be represented on the board, and the company strives for a good and balanced gender distribution. In the boardâs self-assessment discussions, it has been concluded that the board members are sufficiently diverse in terms of their specialized expertise, backgrounds, and age and gender distribution, enabling the board as a whole to effectively support the companyâs business and its development. This does not exclude the option that the company will strengthen its board in the future with a member who has, for example, a Medical background.
Now, to your second question. Our EMG measuring device is based on Faros technology, and we have taken its new indication through the MDR approval process. Currently, we sell the EMG measuring device to our client for the identification of Parkinsonâs disease. We have continued to map out markets for solutions to be sold to other clients, and the most suitable among them is the rehabilitation market. In the rehabilitation market, the largest market area is the United States, and we are currently considering our next steps regarding it.
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Hi @Tallitonttu
Tenders are generally confidential, and we cannot provide more details about them until they are resolved. I understand very well that from an investorâs perspective, the time is long, and estimating schedules is also a challenge for us â as tenders can take a long time, even years. According to the information available at the time of the BAE Systems framework agreement announcement, the first tenders were supposed to be concluded by the end of the year, but this did not happen. We do not have more precise schedules regarding the tenders, but cooperation with BAE continues actively in that area. The framework agreement does not contain restrictions that would prevent Bittiumâs products from being offered elsewhere than in specific tenders.
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Hi @Jiitu
As the quickest ones here have already managed to answer, KNLâs products are long-range narrowband products, whereas Bittium focuses on shorter-range broadband products. The products are thus used for different tactical communication purposes, and therefore we do not compete with each other. KNL was founded as a spin-off from the University of Oulu in 2011, and they have been developing the product ever since. The cycles in this industry are therefore exceptionally long. But a great achievement and congratulations to KNL for that!
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