Wi2Wi Corporation Announces First Quarter Financial Results

Rhea-AI Summary

Wi2Wi Corporation reported a 5% year-over-year revenue increase in Q1 FY22, totaling $1.592 million. Despite the revenue growth, gross profit decreased from $177,000 to $160,000. The company currently holds $2.123 million in cash and is focused on improving customer engagement across avionics, IIoT, and healthcare. CEO Zachariah Mathews emphasized customer-centric solutions as key to future growth. The net income for the quarter was $(371,000), compared to $(352,000) in Q1 FY21.

Positive

• 5% revenue growth to $1.592 million in Q1 FY22
• Continued effective cash management with $2.123 million in cash on hand

Negative

• Gross profit decreased from $177,000 to $160,000
• Net income declined to $(371,000) from $(352,000)

Wi2Wi Redoubles Agile Go-To-Market Operation, Increases Revenue 5% YoY

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.

Key Financial Highlights

In Q1 FY22, Wi2Wi redoubled the company's agile go-to-market operation that is positioned to efficiently engage with global customers in the post-pandemic environment - including those in avionics, IIoT and healthcare. As a result, the company increased revenue by 5% year-over-year to $1.592 million.

This quarter, gross profit decreased from $177,000 in Q1 FY21 to $160,000. The company's effective cash management that has defined its sustainability remains; Wi2Wi has $2.123 million in cash on hand.

"To put it bluntly: We are customer-obsessed," said Zachariah Mathews, President and CEO of Wi2Wi. "Delivering the next generation of solutions to our partners depends on our ability to proactive solve their challenges - and today, we're listening more than we ever have. Together with a focus on rigorous R&D that invests in future technology, we believe the best is yet to come."

Q1 FY22 Financial Overview (Unaudited)

(In thousands of U.S. dollars)		3 Months ending March 31, 2022				3 Months ending March 31, 2021
Revenue		$	1,592			$	1,513
Net income			(371	)			(352	)
Net cash provided by (used in) operations			(100	)			(42	)
Total assets			10,161				11,280
Cash on hand			2,123				2,263
Total current liabilities			1,301				1,618
Shareholders' equity			6,144				6,356

Detailed and historical financial information is available here.

Investor & Media Contact

Dawn Leeder, Chief Financial Officer
+1-608-203-0234
dawn_l@wi2wi.com

About Wi2Wi Corporation

Wi2Wi enables customers to substantially 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 timing and frequency control devices. Wi2Wi provides real time technical support throughout the entire product life cycle for customers across the Internet of Things (IoT), Industrial Internet of Things (IIoT), Avionics, Space, Industrial, Medical and Government sectors.

Wi2Wi was founded in 2005 and is strategically headquartered in San Jose, California with satellite offices in Middleton, Wisconsin and Hyderabad, India. Wi2Wi's manufacturing operations, its laboratory for reliability and quality control, together with design and engineering for timing and frequency control devices are located in Middleton, Wisconsin. The branch office, located in Hyderabad, India, focuses on developing end to end wireless connectivity subsystems and solutions.

Wi2Wi has partnered with best-in-class global leaders in technology, manufacturing and sales. The company uses a global network of manufacturer's representatives to promote its products and services, and has partnered with world class distributors for the fulfillment of orders along with direct sales.

Forward-Looking Statements: This news release contains certain forward-looking statements, including management's assessment of future plans and operations, and the timing thereof, that involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control. Such risks and uncertainties include, without limitation, risks associated with the ability to access sufficient capital, the impact of general economic conditions in Canada, the United States and overseas, industry conditions, stock market volatility. The Company's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, including the amount of proceeds, that the Company will derive there from. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect the Company's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com). Forward-looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made and the Company undertakes no obligation to update forward-looking statements and if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law. All subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward- looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Wi2Wi Corporation

View source version on accesswire.com:
https://www.accesswire.com/701732/Wi2Wi-Corporation-Announces-First-Quarter-Financial-Results

FAQ

What were Wi2Wi's Q1 FY22 earnings results?

Wi2Wi reported a revenue of $1.592 million, with a net income of $(371,000) for Q1 FY22.

How much cash does Wi2Wi have on hand?

Wi2Wi has $2.123 million in cash on hand as of March 31, 2022.

What is the revenue growth for Wi2Wi in Q1 FY22?

Wi2Wi experienced a 5% revenue growth year-over-year in Q1 FY22.

What are the key challenges faced by Wi2Wi as reported in the PR?

The PR highlighted a decrease in gross profit and a net loss in income compared to the previous year.

What is Wi2Wi's focus in the current market environment?

Wi2Wi is focusing on enhancing customer engagement in avionics, IIoT, and healthcare sectors.