REACH

31 March 2023

Tern Plc

("Tern" or the "Company")

Wyld Networks Q4 2022 Interim Report

Tern Plc (AIM:TERN), the company focused on value creation from Internet of Things ("IoT") technology businesses, is pleased to note that Wyld Networks AB ("Wyld Networks" or "Wyld") has today announced its Q4 2022 Interim Report (the "Wyld Announcement").  Tern currently holds 39.5% of Wyld Networks' equity.

Extracted from the Wyld Announcement:

"Wyld Networks launches satellite IoT network after three years of development work, agreements with over 40 launch partners and an order backlog of SEK 35 million by end of Q4. This has now more than doubled to SEK 76 million by mid-March 2023, demonstrating significant demand.

Financial Summary, Q4 2022

Significant events during Q4

·      Wyld Networks launches satellite IoT network after three years of development work.

·      The TO2 Warrants programme was subscribed at approximately 97.6 percent and Wyld Networks AB received SEK 19.4 million before costs.

·      Wyld Networks AB has carried out a directed issue of new shares of approximately SEK 7.3 million.

·      Wyld announced a ground-breaking partnership with Lacuna Space boosting the number of operational satellites within Wyld's IoT service. 

·      Wyld signs a multi-year contract with Astrocast to extend Wyld's coverage to deliver satellite IoT data utilising L-Band spectrum. This will target a joint business of over 200 million messages. 

·      As Wyld rolls out its commercial service, customers have placed the first purchase orders for satellite IoT data; building recurring revenue for the business.

Significant events after Q4

·      Wyld receives a purchase order for SEK 12.6 million for Wyld Connect modules from a company based in the Middle East for deployment into agricultural sector over a four-year period. 

·      Wyld receives a purchase order for SEK 6.3 million for Wyld Connect modules from a US-based custom electronics manufacturing company.

·      Wyld receives a purchase order for SEK 12.5 million for Wyld Connect modules from a company based in the Middle East for deployment into the utilities sector over a four-year period.

·      Wyld receives purchase order for SEK 9.2 million for satellite IoT data service from South African Agritech company.

CEO Alastair Williamson:

In Q4, we're thrilled to have officially launched the satellite IoT network service. I would like to thank the exceptional wireless connectivity engineering team led by Steve Clarke and the application team developing the cloud-based platform Wyld Fusion led by Gene Myers. I truly believe Wyld are setting the standard for end-to-end Satellite IoT. This direct sensor-to-satellite solution will unlock and enable our customers to receive billions of messages and bring wireless connectivity to even the most remote areas in the world.

Our business development team has been continuously building our sales pipeline. Over the coming months we will see more data orders complement existing Wyld Connect hardware orders. The order book stands at SEK 35 million at the end of Q4. 

We have had an excellent start to 2023. We have received SEK 40.5 million in new orders which more than doubles our 2022 order intake, to a total of SEK 76 million. We will strengthen the commercial team in order to accelerate the conversion of our launch partners into paying customers, as well as generate new customers going forward. We will invest in the development team to maintain competitive advantage and execute on our product roadmap.

Our focus will now shift to turning purchase orders into revenue for the company and fortify ourselves as a leading virtual satellite network operator for IoT services."

The full Wyld Announcement and Q4 2022 Interim Report may be accessed at:

https://wyldnetworks.com/investor-relations

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