- Spectrum Global Solutions is an end-to-end market solutions provider for communications networks, providing and maintaining infrastructure for wireless and wired-in products
- The rush by major carriers to secure enhanced-speed 5G wireless network space is creating a boom in opportunity for infrastructure builders, and Spectrum Global is increasingly competitive in the industry
- Spectrum Global’s just-released financial results for the third quarter show the company’s portfolio growing with the addition of German energy system crystal tech developer WaveTech GmbH
- The addition of millions of dollars in new and renewed contracts, including tier 1 carriers, demonstrates the level of confidence and attention focused on Spectrum Global’s services
A recently released third quarter financial report is sending strong signals about telecommunications network infrastructure builder Spectrum Global Solutions Inc. (OTCQB: SGSI) following months of new contract and portfolio-building activity that has allowed the company to simultaneously eliminate $4.7 million in both debt and accrued interest, strengthening its balance sheet.
“We expect to see encouraging growth through the remainder of the fourth quarter and into 2020, chiefly driven by growing investments in 5G networks across the United States by all major carriers,” Spectrum Global CEO Roger Ponder stated in a company news release announcing the quarterly results (http://ibn.fm/9GUIk).
Gross profits during the third quarter rose to 18 percent of revenues from 16.6 percent the year previous, as a result of “minor fluctuations of margins” in existing contracts.
“We are better positioned to seize the immense opportunities facing us today than at any time in our history now that we have closed on the acquisition of WaveTech and their incredible technology,” Ponder added. “I look forward to continuing operational execution and creating long-term value for our shareholders.”
WaveTech GmbH is a multinational technology company based in Germany that provides energy management, data analytics and monitoring services to other businesses. WaveTech’s patented Crystal Control Technology (registered) uses electrodynamic fields to stimulate the growth of beneficial crystals or to prevent undesirable crystal formation build-up, specifically within lead-acid batteries used in a variety of energy storage applications whose lifespan may be affected by such crystals, including batteries used in telecommunications networks and data centers (http://ibn.fm/y3xqj).
Spectrum Global’s excitement over the acquisition stems from expectations the CCT technology will help the company make energy supply much more cost-efficient, reliable and eco-friendly by protecting the energy infrastructure for telecommunications networks. That will in turn deliver a significant decrease in costly backup energy requirements for these critical energy assets (http://ibn.fm/l36XN).
The end-to-end telecommunications network service provider is increasingly competitive to provide needed construction and maintenance as carriers large and small prepare to build or adopt enhanced-speed 5G wireless networks worldwide. During the year thus far, SGSI has renewed a three-year contract with a tier 1 infrastructure aggregator for professional engineering and design services related to a new 5G network in a major metropolitan area, and received a total of $6.9 million in new contract awards across all its subsidiaries for new and existing clients in addition to revenues from ongoing service agreements with tier 1 carriers and infrastructure aggregators.
“Our recent expansion into the Canadian market alongside tier-1 clients is particularly exciting as well, further expanding our reach and allowing us to better service our multinational clients across borders,” Ponder stated. “The Canadian expansion of our ADEX Subsidiary presents exciting cross selling opportunities across our various businesses as well.”
Spectrum Global fulfills both wireless and wireline projects for carriers, aggregators, enterprise services, project management offices (PMOs) and original equipment manufacturers (OEMs) of all sizes, including well-known names such as Ericsson, Nokia, Sprint, AT&T and Verizon.
For more information, visit the company’s website at www.SpectrumGlobalSolutions.com
NOTE TO INVESTORS: The latest news and updates relating to SGSI are available in the company’s newsroom at http://ibn.fm/SGSI