Wi2Wi Corporation Announces Full Year 2022 Financial Results
Wi2Wi Corporation reported a year-over-year revenue increase for FY2022, achieving $6.9 million, up from $6.4 million in FY2021, despite ongoing challenges in the tech sector and inflationary pressures. The company maintained its customer base and welcomed new partnerships, with expectations for further growth in 2023. However, raw material costs and supply chain issues resulted in decreased profit margins. The company projects a recovery in margins as inflation eases. Wi2Wi faced a net loss of $1.236 million and reported net cash used in operations of $305,000. Total assets decreased to $9 million. The outlook remains cautiously optimistic as management signals readiness to navigate industry headwinds.
- Year-over-year revenue growth from $6.4 million to $6.9 million.
- Retention of core customer base and acquisition of new partners.
- Expectations for further growth in 2023 with new customers onboarding.
- Net loss of $1.236 million for FY2022.
- Decrease in profit margins due to rising raw material costs and inflation.
- Total assets declined from $10.6 million to $9 million.
Company Posts YoY Revenue Growth Despite Continued Tech Sector Contraction
Customer Base Grew Throughout the Year as Existing Partners Renewed with. Several New Top Tier Partners Wins
TORONTO, ON / ACCESSWIRE / April 20, 2023 / Wi2Wi Corporation today announced its audited consolidated financial results for the full year ending December 31, 2022. Despite continued supply chain disruptions and price increases due to inflation, the company posted year-over-year revenue growth with additional customers in the pipeline to onboard in 2023.
Key Financial Highlights
In FY2022, Wi2Wi generated
The company saw a decrease in margin primarily related to increases in raw material costs, freight charges, and product mix. The company expects margin pressure to ease as inflation cools, supply chain disruptions ease, and revenue from orders in the pipeline is booked.
"While we are still feeling the impacts of COVID and the contraction in the tech sector, we are pleased to have turned the tide in our revenue, retained our customer base, and are on a path for a strong 2023," said Zachariah Mathews, Chief Executive Officer of Wi2Wi. "As the strong headwinds facing our industry continue to ease, we believe we are in a strong position to drive growth across our business by delivering outstanding products and services to our long-standing and new customers."
Full Year 2022 Financial Overview (Audited)
(In thousands of U.S. dollars) | Full Year 2022 | Full Year 2021 | ||||||
Revenue | $ | 6.857 | $ | 6,453 | ||||
Net income | (1,236 | ) | (204 | ) | ||||
Net cash provided by (used in) operations | (305 | ) | 504 | |||||
Total assets | 9,003 | 10,600 | ||||||
Cash on hand | 1,522 | 2,383 | ||||||
Total current liabilities | 1,360 | 1,240 | ||||||
Shareholders` equity | 5,280 | 6,515 | ||||||
Q4 FY22 Financial Overview | ||||||||
(In thousands of U.S. dollars) | 3 Months Ending December 31, 2022 | 3 Months Ending December 31, 2021 | ||||||
Revenue | $ | 1,684 | $ | 1,670 | ||||
Income/Loss from Operations | (316 | ) | (370 | ) | ||||
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/750002/Wi2Wi-Corporation-Announces-Full-Year-2022-Financial-Results
FAQ
What were Wi2Wi Corporation's FY2022 revenue results?
What was the net income for Wi2Wi Corporation in 2022?
How does Wi2Wi Corporation plan to improve margins in 2023?
