A year of development and commercialization

CoreHW’s year had its ups and downs, with some spice added to the mix by the challenging first half of the design services (DS) which delayed the customers’ procurement decision. In the second half of the year, the situation for the design services started to improve, especially with orders picking up and the increased invoicing rate bolstering the last quarter of the financial period. The successful end of the year is expected to be reflected by the beginning of the 2025 financial period. The module and equipment business (RTLS) shifted into the piloting phase, and customers have provided positive feedback on the products.

For the microchip design business, profitability was an important theme in 2024. The number of active customer projects was lower than expected early in the year, due to customers postponing their design projects. Still, the active sales efforts throughout the year were eventually rewarded. Important customers for the design services were found in Europe, Asia and the United States.

In the indoor positioning module and equipment business (RTLS), CoreHW actively continued the development and commercialization of its own products. In 2024, the business activities took significant strides with the equipment business moving into the piloting phase. The products have massive global customer potential, and there have been long-term efforts to push products into the commercialization phase. As regards the indoor positioning technology, the first customer references were gained on the United States health care market and a product was launched on the Japanese market. Substantial orders are sought for 2025 as well as a transition to the mass production phase.

The commercialization phase of the RTLS business is an important achievement for us, and the customer feedback indicates that we are producing groundbreaking technology.

Technological successes

CoreHW has made long-term development efforts with customer projects and in-house production development. Currently, the company has an RF and analog-mixed signal portfolio of over 250 IPs. The company’s foundation is in good shape and, despite the difficult market situation in 2024, CoreHW was able to navigate the market and identify the right customer potential with the willingness to invest in future technological development.

An important milestone was reached in the design sevice business when an entirely new radar solution was completed for testing in the context of a customer project. The project has been the company’s most expensive one, and bringing it to this stage is a success that has taken great effort. The technology in question has plenty of further development potential, which creates excellent opportunities for the coming years.

In the RTLS business, making progress toward the mass production phase is also a substantial accomplishment for CoreHW. The feedback from the customers has been very encouraging so far, and the technology is seen to be the best in its field.

Support from Panostaja with financing and responsibility efforts

In 2024, CoreHW faced challenges due to the substantial payment delays of some customers, which has made the company’s own cash management more difficult. CoreHW received financial assistance from Panostaja in the difficult situation, which enabled the company to focus more on its core business and open new doors commercially.

CoreHW’s responsibility work particularly emphasizes social responsibility. The commitment and work satisfaction (eNPS) of the company’s staff were excellent in both Finnish and international comparisons. The strong commitment of the employees has been key in reaching the company’s goals.

CoreHW has been actively involved in the Panostaja-led CSRD, which focuses on the responsibility reporting of companies. CoreHW also carried out an ESG self-assessment process in 2024, according to which the business operations stand on a solid foundation.

The year 2025 looks positive for CoreHW. The aim is to push new technology forward on a variety of fronts, with a special focus on growing the RTLS business by launching new devices. For the design services, keeping profitability high through sales promotion and a high invoicing rate will be a core theme in the coming year.

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