IN BRIEF: Sondrel expects contract revenue later than forecast
Sondrel Holdings PLC - Reading, UK-based microchip technology company - Reports on progress of delivery of application specific integrated circuits to customer that is an original equipment manufacturer in the automotive space. Reports "significant progress and investment". Explains key milestones have been redefined and the payment connected to the second project milestone, previously anticipated to occur in the first quarter, is now expected to occur in the next few months. Expects typical production volumes for each contract to deliver revenue of GBP10 million to GBP100 million per year and Sondrel estimates the contract with the tier 1 OEM customer could deliver production revenue at the upper end of this range. Continues to deliver other live ASIC projects in line with its expectations. Predicts that based on production volumes and lifetime currently projected by the customers, revenue for Sondrel associated with the production and supply of these two projects would be worth in excess of USD20 million over three years and USD25 million over five years. Read More