Wayfinder H1 2007: $2M sales; Net loss $5M

Wayfinder H1 2007: $2M sales; Net loss $5M
Wayfinder announced its financial results for the first half of the year 2007. Net sales for the first six months of 2007 amounted to MSEK 14.2 (US$1.98 million), an increase of 22%. Service revenue totalled MSEK 11.9 (US$1.66 million) MSEK, an increase of 80%. Net loss after tax was MSEK -35.4 (US$4.95).

During the period the user-base increased by 182% to 949,000 (337,000 in H1 2006). The number of paying users increased by 98% to 109,000 (up from 55,000 during the same period last year).

After the close of the period, Wayfinder acquired the Finnish navigation company, Navicore Oy and won two major orders worth MSEK 39 (US$ 5.46 million) in total, with delivery and revenue recognition in the third quarter of 2007. Also, after the close of the period, Wayfinder closed an agreement to launch its services in India with Airtel, the leading Indian operator. The launch is based on the three-year exclusive map agreement between Wayfinder and MapmyIndia. Starting in the third quarter of 2007 Wayfinder navigation services will be part of a combined offering with Sony Ericsson on selected markets in connection with the introduction of the P1 its latest Symbian phone.

Wednesday, August 29th 2007

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