Smartoptics Group AS (SMOP) releases Annual report 2024

11 Apr 2025 07:00 CEST

Oslo, April 11, 2025 - Smartoptics, a leading provider of optical networking
solutions, today released its Annual Report 2024.

"While we saw a slight revenue decline for 2024 as a whole, we ended the year on
a very strong note, with 22 percent revenue growth in the fourth quarter, and a
significant uptick in profitability. With this, an exceptional period of four
consecutive quarters of soft market and revenue decline came to an end," said
CEO of Smartoptics, Magnus Grenfeldt.

Despite soft revenue development during the first quarters of 2024, Smartoptics
continued to build for the future. Not only through development of the product
portfolio, but also by developing the go-to-market model and the organization
for long-term growth.

"Our belief in the long-term potential of the optical network industry is
unwavering. The growing demand for bandwidth will undoubtably continue driven by
more and more video streaming, live gaming, videoconferencing, cloud computing,
and AI. Smartoptics is perfectly positioned in this space. Throughout 2024 we
maintained high gross margins, and as growth picks up, we expect operating
margins to develop positively", said Magnus Grenfeldt.

Looking ahead, Smartoptics experiences that the willingness to invest has
returned among many customers.

"There are no signs of slowdown in the underlying market drivers. At the same
time, we won't be immune to the consequences of geopolitical turmoil, and the
USA is an important market to us. We monitor the development in the internation
trade regimes and are mapping out how we can avoid negative implications. At
this point, we consider Smartoptics to be relatively well positioned with
Solutions production in the EU. As far as we know, no player in the market is
yet producing in the USA," said Magnus Grenfeldt.

For more information please contact:
Magnus Grenfeldt
CEO
Smartoptics
+46 73-366 88 77
E-mail: magnus.grenfeldt@smartoptics.com

About Smartoptics
Smartoptics provides innovative optical networking solutions and devices for the
new era of open networking. Our customer base includes thousands of enterprises,
governments, cloud providers, Internet exchanges as well as cable and telecom
operators. We have an open networking approach in everything we do which allows
our customers to break unwanted vendor lock-in, remain flexible and minimize
costs. Our solutions are used in metro and regional network applications that
increasingly rely on data center services and specifications. Smartoptics is a
Scandinavian company founded in 2006. We partner with leading technology and
network solution providers such as Brocade, Cisco and Dell and have a global
reach through more than 100 business partners.

For additional information about Smartoptics, please visit
https://smartoptics.com/

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643561_SMOP_AR_2024_stock_exchange_release.pdf
643561_Smartoptics_Group_Annual_Report_2024.pdf