Year of strong growth

CoreHW had a good year for both design services and the component business. In terms of design services, the financial situation recovered to the 2020 level after the COVID-19 years. The number of automotive customers increased the most thanks to the company’s investments in 2020–2021 – at the time, capacity was freed up from customer projects. The development of automotive customers is seeing strong global growth due to technological trends and challenges with the availability of semiconductors, so the outlook for 2023 and 2024 is very positive.

In the component business, the year 2022 was a significant turning point: demand turned to a substantial climb especially in the American and Japanese markets. This was thanks to CoreHW’s unique indoor positioning technology. Based on customer feedback, the Bluetooth positioning technology is the most precise and reliable in the world – so good that customers now have the confidence to develop their own devices and systems with CoreHW technology. The company has significant customer accounts and future potential, especially in the US.

Panostaja provides support for financial challenges

Even though the past year was good, the losses of 2021 continued to impact cash management. As a result, CoreHW received substantial assistance from Panostaja to overcome temporary financial challenges. Over the past five years, Panostaja has helped the company in many ways to grow from a small company to the next level, particularly with regard to the activities of the Board of Directors and management teams. Panostaja has also provided CoreHW with the training it was looking for on project management, for example.

In 2023, CoreHW will continue implementing its long-term strategy. At the moment it seems clear that indoor positioning technology is taking over the world. It is difficult to predict the time frame for the new technology, but positive development will be seen in the coming years. Many customer companies will still be developing their own products in 2023, but it is to be expected that the technology will be widely adopted in the following year.