Thank you for the quick and thorough response.
Let’s hope and believe that the company succeeds and thus creates good for its owners, employees, Oulu, and all of Finland.
However, Bittium has the opportunity to be the “new Nokia” next door to the old one.
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However, PCBs are basic stuff in the industry; this would need a bit more explanation, especially referring to the component shortage of previous years, if it seems that not enough lessons have been learned in-house.
I would assume that PCB volumes are reasonable, meaning practically all suppliers could provide enough of them. Are there any critical technologies or structures that limit potential suppliers? Is there a plan for a substitute supplier within normal practices? What does the company’s operational guidelines or quality system require regarding the procurement of substitute suppliers for critical parts? This is a basic function for all manufacturing companies that use subcontracting.
Something can always happen to a supplier company, an acquisition or even bankruptcy. I have even encountered a situation where a supplier doubled its pricing within the framework of contracts because its entire production capacity was bought by another large international company.
“Corrective measures were taken at an early stage”, “Close supplier monitoring has been carried out and top management escalation meetings have been held”
However, these have not eliminated the problem, which significantly reduced the company’s overall revenue. The failure of the subcontracting process, when viewed historically, points to a critical skill deficit in organizations that recurs year after year. Have corrective measures been taken at the organizational level?
Yours, Shareholder.
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Sorry for the long quote from myself, but last October I wrote this about Medicalia, and since then at least the following has happened:
- loss-making 4Q2024, loss-making 2024, and loss-making 1Q2025
- The distribution agreement (which accounts for a significant portion of turnover) with Preventice ends in 7 months at the latest. No information about a new one.
- The application for Respiron USA permits has apparently been completely abandoned.
- A new strategy for Medicalia is apparently being considered in the autumn.
- The release of a new product was supposed to happen early in the year. Nothing has been heard.
- The situation with Resmed is shrouded in mystery.
- Resmed BOUGHT VirtuOX, which, as I understand it, makes a device quite similar to Respiro. After this, it is surely clear that Respiro will never enter the US market.
This doesn’t look good. In my opinion, things have only gotten worse. When Preventice announces in the autumn that the cooperation is over, as far as I’m concerned, the whole Medicalia can be shut down. And feel free to blame me for negativity again, but I really can’t think of anything good to say about Medicalia’s situation.
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An acquisition, or a change of hands, could be a viable solution🧐 in that Medical case?
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YT negotiations in the Medical sector, 20% or 20 people will be laid off or furloughed.
Well, the news doesn’t really convey that there’s a huge business under the surface or newer potentials about to take off.
Of course, unnecessary costs, as they inevitably accumulate by failing to meet one’s own growth expectations - they should be removed.
I disapprove of the weak and poor ability to truly commercialize excellent expertise.
And the aforementioned performance doesn’t exactly increase confidence in how the Defence side’s deal-making capability actually works.
Bittium is a company with such great things that I won’t let go, even though the acquisition cost has roughly doubled due to fluctuations and weighting changes. But I certainly wouldn’t want to look in the mirror after a while and wonder to myself why I didn’t sell when the share price was 7 euros, now I would get double the shares with the sales money 
. Underperformance brings that risk.
Bittium Corporation’s subsidiary Bittium Biosignals Oy initiates change negotiations in Finland
Bittium Corporation’s stock exchange release May 7, 2025 at 9:00 a.m.
As part of measures to improve its profitability and develop its operations, Bittium Corporation has today decided to initiate change negotiations in its subsidiary Bittium Biosignals Oy, which is the Finnish company of the Medical business segment. The change negotiations concern all personnel of Bittium Biosignals Oy, and 102 employees are within the scope of the negotiations. If implemented, the planned measures could lead to the termination or temporary layoff of a maximum of 20 employees. The change negotiations are initiated due to financial, production-related, and operational restructuring reasons.
Bittium has previously announced its plans to renew the organization of the Medical business segment, improve product competitiveness, focus its operations, and grow profitable international business. By further reorganizing and focusing its operations, the company aims to lighten its cost structure and improve profitability. Bittium also continues to streamline processes and operating methods.
With these measures to improve profitability and strengthen competitiveness, the company aims for annual cost savings of approximately two million euros. The effects of the cost savings are estimated to be fully visible in 2026.
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Hi @Enovene,
Thank you for your questions. You are right that the circuit boards we use are technically demanding, with materials and requirements very precisely defined. The specifications for our defense products are truly state-of-the-art, not run-of-the-mill. Suppliers are carefully selected and verified, taking into account technical, quality, and security requirements. Although we initiated measures and escalation at an early stage, considering the delivery times for circuit boards, even a quick response will not yield results within the same quarter – especially when it’s a surprising disruptive factor in the supply chain. So-called ‘secondary suppliers’ are an essential part of supply chain risk management, which we implement whenever possible.
As we state in our strategy, ensuring scalability is an important part of enabling growth. Teemu Hannula will soon start as Director of Operations. We have also invested in improving production capacity. Regarding this specific circuit board case, additional measures are already underway to secure growth.
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Here are Juha’s comments on how Bittium Biosignals is starting change negotiations.
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Bittium is apparently involved in this kind of project as well; the road to revenue is long. But the project now continues in iMUGS 2 with nearly 30 companies and 50 million euros in EU funding.
iMUGS2 is officially funded by the European Defence Fund!
The consortium that successfully delivered the groundbreaking iMUGS (Integrated Modular Unmanned Ground System) project in 2023 has secured funding from the European Defence Fund (EDF) for the follow-up project, iMUGS2, which aims to develop next-generation Multipurpose Unmanned Ground Systems (UGS).
The consortium’s €55 million proposal, submitted under the EDF’s 2024 call for collaborative defence research and development, was officially approved for funding of nearly €50 million in late April. This strategic victory highlights Europe’s commitment to enhancing its defence capabilities and technological independence through innovative and cooperative industrial development.
“Winning this EDF call is a crucial step in ensuring that Europe remains at the forefront of developing advanced unmanned technologies. Our consortium unites top-tier expertise from across the EU, and we are prepared to deliver a capability that enhances our armed forces’ operational effectiveness and safety,” said Raul Rikk, Capability Development Director at Milrem Robotics, the consortium lead.
Unmanned vehicles (UxVs) have emerged as one of the most significant innovations in modern military operations, as evidenced by their deployment during the war in Ukraine. Effective cooperation among UxVs, manned vehicles, operators, and soldiers is crucial for enhancing combat effectiveness. This collaboration aims to reduce casualties, minimise collateral damage, and lessen the cognitive burden on warfighters.
Using outputs from iMUGS and other European-funded initiatives, iMUGS2 aims to expedite research and move rapidly towards practical, deployable solutions. The enhancement of operational capabilities will be demonstrated through trials with military tactical units. The project will also focus on developing interoperability among European nations and incorporate lessons from recent conflicts, including the war in Ukraine, where several Consortium member systems are deployed.
“Our project aims to develop and deploy cost-effective, modular unmanned systems capable of supporting dismounted, mechanised, and motorised infantry in all European environments, including GNSS-denied areas and adverse climatic conditions,” Rikk added.
iMUGS2 has three primary outcomes. Firstly, it aims to develop, validate, and demonstrate cost-effective, combat-ready UGSs that support dismounted troops at various operational levels and provide practical value in different operations. Secondly, the project will establish operational concepts demonstrating how UGS and unmanned aerial systems (UAS) can enhance the capabilities of infantry battalions and cross-domain operations. Thirdly, the project will improve the modular and open architecture and Through Life Capability Management (TLCM) framework, which enables the efficient integration of autonomous functionalities with both legacy and new systems across unmanned and optionally manned ground platforms, including the conversion of manned vehicles.
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Hi,
A change in the company’s CEO often brings new winds. When it comes to communication with investors, I believe we are heading in a better direction 
The CEO has written a greeting to investors and shareholders on our website.
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Thank you to the new CEO for introducing yourself.
As an investor, I expect the truth to be spoken, openly and realistically. I don’t expect situations to be painted in overly rosy or bleak terms. For example, on the medical side, things have been shrouded in secrecy. No investor has any idea what the realistic and true situation is within the framework of quarterly results and situation reports. The custom is just to “kick the can down the road”…somewhere.
Similarly, I would be very interested to know if Bittium’s defense products are of world-class quality and commercializable as has been implied. Thinking with common sense, if this is the case, demand and sales should be substantially higher than over 10% annual growth (note! this does not mean over 15% growth, for example)…there must be some measurability with numbers.
Lastly…it is even embarrassing that the company has been citing component shortages for years. One would think that the purchasing department would have at least a few people who understand this when products are being built for international sales.
Here are a few comments for the new CEO, and indeed, the company (communications department/communicator) and the CEO should at least through these channels follow the opinions of investors (owners) from the forums of both Kauppalehti and Inderes.
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Oulu’s ‘golden finger’ Juha Hulkko’s company JtelOy increased its ownership in Bittium by 394,053 shares in March. This additional investment of approximately 3 million in Bittium indicates at least the company’s largest shareholder’s strong confidence in the company.
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Didn’t these shares come from Jbit Oy, where Juha is also involved? So, from one pocket to another, and no real increase could happen here.
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It strongly looks like this cooperative ideology is in Bittium’s DNA.
KPY maksaa osuuskorkoa noin kaksi miljoonaa euroa – Karoliina Malmi hallitukseen | Osuuskunta KPY
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Bittium, along with GRK and Kalmar, will be added to the Helsinki Benchmark index. Eq and Musti are removed.
Now, fingers crossed that we’ll get more index investors into Hesuli…
Changes to the Helsinki Stock Exchange index Muutoksia Helsingin pörssin indeksiin | Kauppalehti
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Hopefully, Bittium has not been a prime example of this.
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Press release / 2.2 MEUR deal
In my opinion, clearly bigger than its size
-new customer
-European customer - perhaps a NATO country, perhaps an EU country. Experiences are naturally shared through different platforms
-2.2 MEUR to be delivered in 2025, a fair sum for just over half a year
So the customer has made a decision and decided to acquire Bittium’s gear for immediate needs with a reasonable sum.
It’s unlikely to stop here, I dare to speculate, especially since Bittium has emphasized that cycles are long - at least until the deal is secured 
Bittium has received an order from its European cooperation partner to deliver a tactical data transfer solution to the procurement organization of a European country’s defense forces. The modern and high-performance data transfer solution supports troop command and will be used for testing by the special forces of the country’s defense forces. The delivered data transfer solution includes Tough SDR Vehicular radios, Tough SDR Handheld radios, software products, and accessories. The order value is approximately 2.2 million euros, and the products will be delivered during 2025.
“It is great to start cooperation with a new European customer. Our customer is a pioneer in its dedication to technological development, and this cooperation highlights our commitment to delivering modern tactical data transfer solutions designed for extremely demanding battlefield needs. We are proud to demonstrate the unique performance of our system and support our customer in achieving their goals,” said Tommi Kangas, Senior Vice President of Bittium’s Defense & Security business segment.
In addition to Tough SDR radios and their accessories, Bittium will supply waveforms for tactical use, such as ESSOR High Data Rate Waveform, which are at the core of the network’s high-level performance, data security, and reliability, as well as Voice over IP speech solutions that enable battle-resilient speech across the network.
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Great news and once again a demonstration that the products are in good order. The value of the order for testing use is surprisingly large, so it can be assumed that this is a significantly large country for Bittium.
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It will enter testing use, meaning more orders are expected, and the use of the equipment is expected to expand from the spearhead to other units later. If I had to guess, the partner is BAE and the client is the British special forces. But of course, I could be wrong.
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This is not just a single small order, but a potential opening to a new high-profile customer relationship. Collaboration with BAE Systems and the technology’s access to special forces for testing suggests that Bittium’s commercialization of Tough SDR solutions is moving into a new phase in Europe – possibly through the UK Ministry of Defence.
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Well, the announcement talks about a European country, not an EU country. It could even be a tactical expression to make it harder to pinpoint the target country, but if it really is about a non-EU country, and the newest, biggest, and most beautiful partner is BAE, then it’s probably England. Not a bad thing at all, if that’s the case.
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