UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE
ISSUER
PURSUANT TO RULE 13A-16
OR 15D-16
OF THE SECURITIES EXCHANGE ACT OF 1934
For the month of July
2023
MOBILICOM LIMITED
Commission File Number 001-41427
(Translation of registrant’s name into
English)
1 Rakefet Street
Shoham, Israel 6083705
(Address of principal executive offices)
Indicate by check mark whether the registrant
files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒
Form 40-F ☐
CONTENTS
On
July 31, 2023, Mobilicom Limited released its Appendix 4C - Quarterly Cashflow Report for the quarter ended June 30, 2023 (the “Appendix
4C Report”) with the Australian Securities Exchange, as required by the laws and regulations of Australia. Attached hereto and incorporated
herein is the Registrant’s press release issued on July 31, 2023, titled “Q2 FY23 Activities Report & Appendix 4C”
that also contains the Appendix 4C Report.
EXHIBIT INDEX
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
|
MOBILICOM LIMITED |
|
|
Date: July 31, 2023 |
By: |
/s/ Oren Elkayam |
|
|
Name: |
Oren Elkayam |
|
|
Title: |
Chairman |
3
Exhibit 99.1
Q2
FY23 Activities Report & Appendix 4C
Commercial
scale order for initial production for the U.S. DOD; Launched new
product expanding market into mid-sized drones
Key
Highlights
| ● | Secured
A$430,000 repeat order for Mobile Ground Control Systems from a cutting edge manufacturer
of remote controlled weapons systems platforms |
| ● | A$1.6
million confirmed order backlog for delivery in FY23 |
| ● | A$16
million cash balance at 30 June 2023 |
31 July
2023 – Mobilicom Limited (Mobilicom or the Company, NASDAQ: MOB, MOBBW; ASX: MOB), is pleased to provide
this activity update for the quarter ended 30 June 2023 (Q2 FY23), along with the Company’s Appendix 4C cash flow report.
Operational
Overview
In
Q2 FY23, Mobilicom entered new geographics markets, and secured initial and repeat orders from customers that are scaling up toward commercialization.
This included an order from a U.S. Tier-1 manufacturer for initial production of drones to be supplied to the U.S. Department of Defence
(DOD).
The
Company also launched a new product that expands its market into medium-sized long-range drones and continues to be very active at industry
trade shows in the U.S.
Commenting
on the Company’s Q2 2023 performance, Mobilicom CEO Oren Elkayam said, “It is early days with our design wins and Mobilicom
has not yet seen full benefit of its products being incorporated in its customers’ products.
As
these leading manufacturers demonstrate their systems which integrate Mobilicom’s solutions to their installed customers base,
we expect orders to ramp to commercial scale.”
“We
are particularly pleased with the global scope of our customer base, ranging from the U.S. and Europe to our most recent sales in the
United Arab Emirates where our business collaborations are ongoing in one of the most advanced drone markets in the world. Our latest
design wins open additional markets for us in Korea, Brazil, and Canada.”
“Committed
to continuous innovation, we recently expanded our target market from small-sized drones to mid-sized long-range drones with the launch
MCU-70, our cybersecure software defined radio (SDR) product which offers a very high size-to-performance ratio. As the industry evolves,
the long-range drone segment is set to grow to $38 billion over the next decade and we are well positioned to provide the critical systems
that drive high-performance drones for both commercial and military applications.”
Secured
Commercial Scale Purchase Order for Initial Production of Drones for the U.S. DOD
Mobilicom
secured a commercial scale order from one of its Tier-1 customers, one of the world’s largest manufacturers of small-sized drones
and robotics, for its Mobilicom’s SkyHopper PRO datalink systems which has the potential to be recognized as an essential component
in their new small-sized drone platform.
Launched
MCU-70 SDR Product Expanding its Market into Mid-Sized Drones
Mobilicom’s
latest product, the MCU-70, is the latest in its MESH (device-to-device) Networking Cybersecure SDR Series. With its relatively small
size and lightweight design, MCU-70 delivers superior performance for mid-sized and long-range unmanned aerial vehicles (UAVs) where
form-factor-to-capability performance is critical. Designed for durability in rugged outdoor environments, MCU-70’s communications
range of up to 100 miles/150km equips drones with the communications needed for new missions and applications, expanding Mobilicom’s
addressable markets for both commercial and military applications.
Secured
Repeat Orders from Current Customers Advancing Toward Commercial-Scale Production
Mobilicom
secured a A$430,000 repeat order for its Mobile Ground Control Systems from a cutting-edge manufacturer of remote-controlled weapons
systems platforms, one of the fastest growing segments in the defense industry. These systems integrated Mobilicom’s Ground Control
Weapons Systems and were successfully demonstrated to several militaries.
Mobilicom’s
end-to-end solutions were chosen by a United Arab Emirates (UAE) government organization to supply core systems for the country’s
drone and robotics platforms. The customer purchased Mobilicom’s entire product offering, including hardware and software, demonstrating
the effectiveness of the Company’s end-to-end solutions strategy for uncrewed and autonomous systems. This is a repeat order from
the UAE.
Product
Suite Selected for Deployment in Autonomous & Remote-Controlled EV Platforms
Mobilicom
received a purchase order for its end-to-end product solution from a leading global provider of autonomous and remote-controlled armor
technology. This order is based on a previous design win. Mobilicom’s Mobile Ground Control Station 10” Pro, MCU Mesh Networking,
and SkyHopper Datalinks will be installed into autonomous and remote-controlled electric vehicles (EVs) sold to customers in the homeland
security and defense markets.
High
Visibility Showcasing & Demonstrating at Industry Conferences
Mobilicom
showcased and demonstrated its end-to-end solutions to procurement specialists at three key U.S. military and UAV industry conferences
including Modern Day Marine 2023 in Washington D.C. in June, SOF Week in Tampa, Florida in May, and at the Association of Uncrewed Vehicle
Systems International (AUVSI) XPONENTIAL 2023 trade show and conference in Denver, Colorado in May. At each conference, Mobilicom showcased
its products and conducted live demonstrations that were very well attended. Mobilicom management met with procurement specialists from
the U.S. DOD including the U.S. Marine Corps as well as other potential customers and current users of the Company’s advanced field-proven
solutions.
Financials
In Q2 FY23 Mobilicom secured A$656,000 in confirmed new orders with over 80% from Tier-1 players. As of 30 June 2023, Mobilicom holds
A$1.6 million confirmed order backlog for delivery in FY23.
Mobilicom
is well-funded for growth with a cash balance of A$16 million as of 30 June 2023 enabling support in continuing strategic growth plans.
Q2
FY23 expenses were lower than previous quarters, reflecting continued conservative cash management.
Related
party payments noted in Section 6 of the accompanying Appendix 4C relate to payment of executive and non-executive Director fees and
salaries.
Outlook
We
expect momentum to continue as we achieve additional new design wins and commercial scale orders from prior design wins. This includes
the potential for larger orders from a UAE government organization to supply core systems for the country’s drone and robotics
platforms.
Our
solutions generated strong interest at recent trade shows in the U.S. and we are conducting follow-up meetings with key decision makers
that we believe may lead to potential new contracts in the U.S. military market.
Through
continuous innovation, we are spurring more demand as we launch new products and enter new segments, our most recent being the mid-sized
long-range drones market.
Authorised
for release by the Board of Mobilicom Limited.
For
investors, please use https://ir.mobilicom.com/
For
company, please use www.mobilicom.com
Forward
Looking Statements
This
press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements,
other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements
contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,”
“could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,”
“plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,”
“will” “would,” or the negative of these words or other similar expressions, although not all forward-looking
statements contain these words. Forward-looking statements are based on Mobilicom Limited’s current expectations and are subject
to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based
on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully
in the Company’s filings with the Securities and Exchange Commission. Forward-looking statements contained in this announcement
are made as of this date, and Mobilicom Limited undertakes no duty to update such information except as required under applicable law.
For
more information on Mobilicom, please contact:
Liad
Gelfer
Mobilicom
Ltd
liad.gelfer@mobilicom.com
Appendix
4C
Quarterly
cash flow report for entities
subject to Listing Rule 4.7B
Name
of entity |
Mobilicom Limited |
ABN |
Quarter
ended (“current quarter”) |
26 617 155 978 |
30 June 2023 |
Consolidated statement of cash flows | |
Current quarter
$A’000 | | |
Year to date (6 months)
$A’000 | |
1. | |
Cash flows from operating activities | |
| | | |
| | |
1.1 | |
Receipts from customers | |
| 309 | | |
| 760 | |
1.2 | |
Payments for | |
| | | |
| | |
| |
(a) research and development | |
| (216 | ) | |
| (534 | ) |
| |
(b) product manufacturing and operating costs | |
| (80 | ) | |
| (139 | ) |
| |
(c) advertising and marketing | |
| (330 | ) | |
| (661 | ) |
| |
(d) leased assets | |
| (94 | ) | |
| (199 | ) |
| |
(e) staff costs | |
| (966 | ) | |
| (1,945 | ) |
| |
(f) administration and corporate costs | |
| (378 | ) | |
| (815 | ) |
1.3 | |
Dividends received (see note 3) | |
| - | | |
| - | |
1.4 | |
Interest received | |
| - | | |
| - | |
1.5 | |
Interest and other costs of finance paid | |
| 187 | | |
| 251 | |
1.6 | |
Income taxes paid | |
| - | | |
| - | |
1.7 | |
Government grants and tax incentives | |
| 2 | | |
| 108 | |
1.8 | |
Other (provide details if material) | |
| - | | |
| - | |
1.9 | |
Net cash from / (used in) operating activities | |
| (1,566 | ) | |
| (3,174 | ) |
| |
Consolidated statement of cash flows | |
Current quarter
$A’000 | | |
Year to date (6 months)
$A’000 | |
2. | |
Cash flows from investing activities | |
| | |
| |
2.1 | |
Payments to acquire or for: | |
| | |
| |
| |
(a) entities | |
| - | | |
| - | |
| |
(b) businesses | |
| - | | |
| - | |
| |
(c) property, plant and equipment | |
| (13 | ) | |
| (30 | ) |
| |
(d) investments | |
| - | | |
| - | |
| |
(e) intellectual property | |
| - | | |
| - | |
| |
(f) other non-current assets | |
| - | | |
| - | |
2.2 | |
Proceeds from disposal of: | |
| - | | |
| - | |
| |
(g) entities | |
| | | |
| | |
| |
(h) businesses | |
| - | | |
| - | |
| |
(i) property, plant and equipment | |
| - | | |
| - | |
| |
(j) investments | |
| - | | |
| - | |
| |
(k) intellectual property | |
| - | | |
| - | |
| |
(l) other non-current assets | |
| - | | |
| - | |
2.3 | |
Cash flows from loans to other entities | |
| - | | |
| - | |
2.4 | |
Dividends received (see note 3) | |
| - | | |
| - | |
2.5 | |
Other (provide details if material) | |
| - | | |
| - | |
2.6 | |
Net cash from / (used in) investing activities | |
| (13 | ) | |
| (30 | ) |
3. | |
Cash flows from financing activities | |
| | |
| |
3.1 | |
Proceeds from issues of equity securities (excluding convertible debt securities) | |
| - | | |
| - | |
3.2 | |
Proceeds from issue of convertible debt securities | |
| - | | |
| - | |
3.3 | |
Proceeds from exercise of options | |
| - | | |
| - | |
3.4 | |
Transaction costs related to issues of equity securities or convertible debt securities | |
| - | | |
| - | |
3.5 | |
Proceeds from borrowings | |
| - | | |
| - | |
3.6 | |
Repayment of borrowings | |
| - | | |
| - | |
3.7 | |
Transaction costs related to loans and borrowings | |
| - | | |
| - | |
3.8 | |
Dividends paid | |
| - | | |
| - | |
3.9 | |
Other (Small Parcel share buyback) | |
| (41 | ) | |
| (41 | ) |
3.10 | |
Net cash from / (used in) financing activities | |
| (41 | ) | |
| (41 | ) |
| |
Consolidated statement of cash flows | |
Current quarter
$A’000 | | |
Year to date (6 months)
$A’000 | |
4. | |
Net increase / (decrease) in cash and cash equivalents for the period | |
| | |
| |
4.1 | |
Cash and cash equivalents at beginning of period | |
| 17,692 | | |
| 18,936 | |
4.2 | |
Net cash from / (used in) operating activities (item 1.9 above) | |
| (1,566 | ) | |
| (3,174 | ) |
4.3 | |
Net cash from / (used in) investing activities (item 2.6 above) | |
| (13 | ) | |
| (30 | ) |
4.4 | |
Net cash from / (used in) financing activities (item 3.10 above) | |
| (41 | ) | |
| (41 | ) |
4.5 | |
Effect of movement in exchange rates on cash held | |
| (61 | ) | |
| 320 | |
4.6 | |
Cash and cash equivalents at end of period | |
| 16,011 | | |
| 16,011 | |
| |
| |
Current quarter
$A’000 | | |
Previous quarter
$A’000 | |
5. | |
Reconciliation of cash and cash equivalents | |
| | |
| |
| |
at the
end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts | |
| | |
| |
5.1 | |
Bank balances | |
| 16,011 | | |
| 17,692 | |
5.2 | |
Call deposits | |
| - | | |
| - | |
5.3 | |
Bank overdrafts | |
| - | | |
| - | |
5.4 | |
Other (provide details) | |
| - | | |
| - | |
5.5 | |
Cash and cash equivalents at end of quarter (should equal item 4.6 above) | |
| 16,011 | | |
| 17,692 | |
| |
| |
Current quarter
$A'000 | |
6. | |
Payments to related parties of the entity and their associates | |
| | |
6.1 | |
Aggregate amount of payments to related parties and their associates included in item 1 | |
| 272 | |
6.2 | |
Aggregate amount of payments to related parties and their associates included in item 2 | |
| - | |
Note: |
if any amounts are shown in items
6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments. |
The
following amount are included in section 6.1 above:
| - | Director
fees paid to director related entities amounted to $272,000 during the quarter. |
| |
Financing
facilities | |
Total facility amount at quarter end
$A’000 | | |
Amount drawn at quarter end
$A’000 | |
7. | |
Note: the term “facility’ includes all forms of financing arrangements available to the entity.
Add notes as necessary for an understanding of the sources of finance available to the entity. | |
| | | |
| | |
7.1 | |
Loan facilities | |
| | | |
| | |
7.2 | |
Credit standby arrangements | |
| | | |
| | |
7.3 | |
Other (please specify) | |
| | | |
| | |
7.4 | |
Total financing facilities | |
| | | |
| | |
7.5 |
Unused financing
facilities available at quarter end |
7.6 |
Include in the box below a description of each facility
above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities
have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities
as well. |
| |
| |
$A’000 | |
8. | |
Estimated cash available for future operating activities | |
| | |
8.1 | |
Net cash from / (used in) operating activities (item 1.9) | |
| (1,566 | ) |
8.2 | |
Cash and cash equivalents at quarter end (item 4.6) | |
| 16,011 | |
8.3 | |
Unused finance facilities available at quarter end (item 7.5) | |
| - | |
8.4 | |
Total available funding (item 8.2 + item 8.3) | |
| 16,011 | |
| |
| |
| | |
8.5 | |
Estimated quarters of funding available (item 8.4 divided by item 8.1) | |
| 10.22 | |
Note: |
if the entity has reported positive
net operating cash flows in item 1.9, answer item 8.5 as “N/A”. Otherwise, a figure for the estimated quarters
of funding available must be included in item 8.5. |
8.6 |
If item 8.5 is less than 2 quarters,
please provide answers to the following questions: |
|
8.6.1 |
Does the entity expect that it will continue to have the current
level of net operating cash flows for the time being and, if not, why not? |
Answer:
N/A
|
8.6.2 |
Has the entity taken any steps, or does it propose to take any
steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be
successful? |
Answer:
N/A
|
8.6.3 |
Does the entity expect to be able to continue its operations
and to meet its business objectives and, if so, on what basis? |
Answer:
N/A
Note: |
where item 8.5 is less than
2 quarters, all of questions 8.6.1, 8.6.2 and 8.6.3 above must be answered. |
Compliance
statement
1 |
This statement has been prepared
in accordance with accounting standards and policies which comply with Listing Rule 19.11A. |
|
|
2 |
This statement gives a true and fair view of the matters
disclosed. |
Date:
31 July 2023
Authorised by: |
The Board of Directors |
|
|
(Name of body or officer authorising release – see note 4) |
|
Notes
| 1. | This
quarterly cash flow report and the accompanying activity report provide a basis for informing
the market about the entity’s activities for the past quarter, how they have been financed
and the effect this has had on its cash position. An entity that wishes to disclose additional
information over and above the minimum required under the Listing Rules is encouraged to
do so. |
| 2. | If
this quarterly cash flow report has been prepared in accordance with Australian Accounting
Standards, the definitions in, and provisions of, AASB 107: Statement of Cash Flows apply
to this report. If this quarterly cash flow report has been prepared in accordance with other
accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding
equivalent standard applies to this report. |
| 3. | Dividends
received may be classified either as cash flows from operating activities or cash flows from
investing activities, depending on the accounting policy of the entity. |
| 4. | If
this report has been authorised for release to the market by your board of directors, you
can insert here: “By the board”. If it has been authorised for release to the
market by a committee of your board of directors, you can insert here: “By the [name
of board committee – eg Audit and Risk Committee]”. If it has been
authorised for release to the market by a disclosure committee, you can insert here: “By
the Disclosure Committee”. |
| 5. | If
this report has been authorised for release to the market by your board of directors and
you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate
Governance Council’s Corporate Governance Principles and Recommendations, the
board should have received a declaration from its CEO and CFO that, in their opinion, the
financial records of the entity have been properly maintained, that this report complies
with the appropriate accounting standards and gives a true and fair view of the cash flows
of the entity, and that their opinion has been formed on the basis of a sound system of risk
management and internal control which is operating effectively. |
8
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