Wi2Wi Corporation Announces Second Quarter Financial Results
Wi2Wi invests in R&D and prepares to increase the order-to-invoice ratio
TORONTO, ON/ACCESSWIRE/August 12, 2022/ Wi2Wi Corporation today announced its unaudited consolidated financial results for the quarter ending June 30, 2022. The company continues to execute on the fundamentals of its operations, while investing in research and development to better serve its customers.
Main Financial Highlights
In the second quarter of FY22, Wi2Wi saw new quote requests from new and existing customers, including those in avionics, IIoT and healthcare. The company is investing heavily in R&D both internally and externally and expects a healthy order-to-bill ratio to continue in the coming months.
This quarter, revenue was $1.561 million. Gross profit fell from $465,000 in Q2 FY21 to $128,000. The company’s cash management strategy remains effective, with $1.812 million in cash.
“As we close out the first half of FY22, we are excited about the prospects on the horizon,” said Zachariah Mathews, CEO of Wi2Wi. “Our continued focus on R&D is extremely promising, and we are seeing increased bookings and interest from new and existing customers. We look forward to welcoming Jason Grelowski, an experienced business executive and entrepreneur, to our board of directors. Thanks to these changes, we are confident that our positive momentum will continue and that our book-to-bill ratio will continue to increase in the months to come.”
Second Quarter FY22 Financial Overview (unaudited)
|
(Thousands of United States dollars) |
3 months ending June 30, 2022 |
3 months ending June 30, 2021 |
||||||
|
Revenue |
$ |
1,561 |
$ |
1,619 |
||||
|
Net revenue |
(426 |
) |
(2 |
) |
||||
|
Net cash provided by (used in) operations |
(146 |
) |
383 |
|||||
|
Total assets |
9,590 |
11,261 |
||||||
|
Cash |
1,812 |
2,517 |
||||||
|
Total current liabilities |
1,289 |
1,712 |
||||||
|
Equity |
5,718 |
6,365 |
||||||
Detailed and historical financial information is available here.
Contact with investors and the media
Dawn Leeder, Chief Financial Officer
+1-608-203-0234
aube_l@wi2wi.com
About Wi2Wi Corporation
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, California 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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https://www.accesswire.com/711671/Wi2Wi-Corporation-Announces-Second-Quarter-Financial-Results
