Wi2Wi Corporation Announces First Quarter Financial Results
Wi2Wi doubles down on agile go-to-market operations and grows revenue by 5% annually
TORONTO, ON/ACCESSWIRE/May 17, 2022/ Wi2Wi Corporation today announced its unaudited consolidated financial results for the quarter ending March 31, 2022. The company continues to execute on the fundamentals of its operations while advancing solutions for global customers.
Main Financial Highlights
In the first quarter of FY22, Wi2Wi redoubled the company’s agile go-to-market operation which is positioned to effectively engage with global customers in the post-pandemic environment – including those in the avionics, IIoT and healthcare. As a result, the company increased its revenue by 5% year over year to $1.592 million.
This quarter, gross profit increased from $177,000 in Q1 FY21 to $160,000. The effective management of the company’s cash flow which defined its sustainability remains; Wi2Wi has $2.123 million in cash.
“To put it bluntly: we’re customer-obsessed,” said Zachariah Mathews, President and CEO of Wi2Wi. “Delivering the next generation of solutions to our partners depends on our ability to proactively solve their problems – and today we are listening more than ever. With a focus on rigorous R&D that invests in future technologies, we believe the best is yet to come.
First Quarter FY22 Financial Overview (unaudited)
(Thousands of United States dollars)
|3 months ending March 31, 2021|
Net cash provided by (used in) operations
Total current liabilities
Detailed and historical financial information is available here.
Contact with investors and the media
Dawn Leeder, Chief Financial Officer
Wi2Wi enables customers to significantly reduce their wireless R&D expenses and time to market. Wi2Wi designs, manufactures and markets deeply integrated end-to-end wireless connectivity solutions as well as customizable high-performance frequency control and timing devices. Wi2Wi provides real-time technical support throughout the product lifecycle for customers in the Internet of Things (IoT), Industrial Internet of Things (IIoT), Avionics, space, industry, medicine and government.
Wi2Wi was founded in 2005 and is strategically based in San Jose, CA with satellite offices in Middleton, Wisconsin and Hyderabad, India. Wi2Wi’s manufacturing operations, reliability and quality control laboratory, and timing and frequency control device design and engineering are located in Middleton, Wisconsin. The branch, located in Hyderabad, India, focuses on the development of end-to-end wireless connectivity subsystems and solutions.
Wi2Wi has partnered with the world’s top leaders in technology, manufacturing and sales. The company uses a global network of manufacturer representatives to promote its products and services, and has partnered with world-class distributors for order fulfillment as well as direct sales.
Forward-Looking Statements: This press release contains certain forward-looking statements, including management’s assessment of future plans and operations, and their timing, that involve substantial known and unknown risks and uncertainties, some of which are beyond the Company’s control. These risks and uncertainties include, but are not limited to, risks associated with the ability to access sufficient capital, the impact of general economic conditions in Canada, the United States and abroad, market conditions industry, stock market volatility. The actual results, performance or achievements of the Company could differ materially from those expressed or implied by such forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will occur or will produce, or if any of them does, what benefits, including the amount of proceeds, the Company will receive. Readers are cautioned that the above list of factors is not exhaustive. Additional information about these and other factors that could affect the Company’s operations and financial results is included in reports filed with Canadian securities regulators and may be viewed on the SEDAR website. (www.sedar.com). Forward-looking statements are made based on the beliefs, estimates and opinions of management as of the date the statements are made and the Company undertakes no obligation to update any forward-looking statements and whether such beliefs, estimates and opinions or other circumstances were to change, unless necessary. by applicable law. All subsequent forward-looking statements, written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Further, the forward-looking statements contained in this press release are made as of the date of this press release, and the Company undertakes no obligation to publicly update or revise any of the forward-looking statements included, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
THE SOURCE: Wi2Wi Corporation
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