Wi2Wi Corporation Announces Three Months Ending June 30, 2024 (Unaudited)
Wi2Wi announced unaudited financial results for Q2 2024, ending June 30. The company reported revenues of $1.685 million, an 8% increase from Q2 2023 and a 12% increase from Q1 2024. Wi2Wi is focusing on accelerating revenue growth by expanding its network of manufacturing representatives and distribution partners in the frequency control business. The company successfully expanded its presence in key U.S. territories during Q2 and plans to strengthen its direct sales team.
Despite the revenue increase, Wi2Wi reported a net loss of $286,000 for Q2 2024, an improvement from the $425,000 loss in Q2 2023. The company's total assets decreased to $6.531 million from $8.287 million year-over-year, while cash on hand reduced to $712,000 from $973,000. Wi2Wi remains committed to cost optimization, manufacturing efficiencies, and flawless execution across all business operations.
Wi2Wi ha annunciato risultati finanziari non verificati per il secondo trimestre del 2024, terminato il 30 giugno. L'azienda ha riportato ricavi di 1,685 milioni di dollari, con un incremento dell'8% rispetto al secondo trimestre del 2023 e un incremento del 12% rispetto al primo trimestre del 2024. Wi2Wi si sta concentrando sull'accelerazione della crescita dei ricavi espandendo la propria rete di rappresentanti di vendita e partner di distribuzione nel settore del controllo della frequenza. L'azienda ha ampliato con successo la propria presenza in territori chiave degli Stati Uniti durante il secondo trimestre e prevede di rafforzare il proprio team di vendite diretto.
Nonostante l'aumento dei ricavi, Wi2Wi ha riportato una perdita netta di 286.000 dollari per il secondo trimestre del 2024, un miglioramento rispetto alla perdita di 425.000 dollari nel secondo trimestre del 2023. Le attività totali dell'azienda sono scese a 6,531 milioni di dollari rispetto a 8,287 milioni di dollari dell'anno precedente, mentre la liquidità è diminuita a 712.000 dollari rispetto ai 973.000 dollari. Wi2Wi rimane impegnata nell'ottimizzazione dei costi, nell'efficienza della produzione e nell'esecuzione impeccabile in tutte le operazioni aziendali.
Wi2Wi anunció resultados financieros no auditados para el segundo trimestre de 2024, finalizado el 30 de junio. La compañía reportó ingresos de 1.685 millones de dólares, un incremento del 8% respecto al segundo trimestre de 2023 y un incremento del 12% respecto al primer trimestre de 2024. Wi2Wi se está enfocando en acelerar el crecimiento de ingresos ampliando su red de representantes de fabricación y socios de distribución en el negocio de control de frecuencia. La empresa logró expandir con éxito su presencia en territorios clave de EE. UU. durante el segundo trimestre y planea fortalecer su equipo de ventas directas.
A pesar del aumento en los ingresos, Wi2Wi reportó una pérdida neta de 286,000 dólares para el segundo trimestre de 2024, una mejora en comparación con la pérdida de 425,000 dólares en el segundo trimestre de 2023. Los activos totales de la compañía disminuyeron a 6.531 millones de dólares desde 8.287 millones de dólares año tras año, mientras que el efectivo disminuyó a 712,000 dólares desde 973,000 dólares. Wi2Wi se mantiene comprometida con la optimización de costos, la eficiencia de la fabricación y la ejecución impecable en todas las operaciones comerciales.
Wi2Wi는 2024년 2분기(6월 30일 종료) 비감사 재무 결과를 발표했습니다. 회사는 168만 5천 달러의 수익을 기록하며, 2023년 2분기 대비 8% 증가하고 2024년 1분기 대비 12% 증가했다고 보고했습니다. Wi2Wi는 주파수 제어 사업에서 제조 대표와 유통 파트너 네트워크를 확장하여 수익 성장 가속화에 집중하고 있습니다. 2분기 동안 미국 주요 지역에서 성공적으로 입지를 확대했으며, 직접 판매 팀을 강화할 계획입니다.
수익 증가에도 불구하고, Wi2Wi는 2024년 2분기에 28만 6천 달러의 순손실을 기록했으며, 이는 2023년 2분기의 42만 5천 달러 손실보다 개선된 수치입니다. 회사의 총 자산은 전년 대비 828만 7천 달러에서 653만 1천 달러로 감소했으며, 현금 보유액은 97만 3천 달러에서 71만 2천 달러로 줄어들었습니다. Wi2Wi는 비용 최적화, 제조 효율성 및 모든 사업 운영에서 완벽한 실행에 전념하고 있습니다.
Wi2Wi a annoncé des résultats financiers non audités pour le deuxième trimestre 2024, se terminant le 30 juin. L'entreprise a rapporté des revenus de 1,685 million de dollars, soit une augmentation de 8% par rapport au deuxième trimestre 2023 et une augmentation de 12% par rapport au premier trimestre 2024. Wi2Wi se concentre sur l'accélération de la croissance des revenus en élargissant son réseau de représentants de fabrication et de partenaires de distribution dans le secteur du contrôle de fréquence. L'entreprise a réussi à élargir sa présence dans des territoires clés des États-Unis au cours du deuxième trimestre et prévoit de renforcer son équipe de vente directe.
Malgré l'augmentation des revenus, Wi2Wi a enregistré une perte nette de 286 000 dollars pour le deuxième trimestre 2024, une amélioration par rapport à la perte de 425 000 dollars du deuxième trimestre 2023. Les actifs totaux de l'entreprise ont diminué à 6,531 millions de dollars, contre 8,287 millions de dollars l'année précédente, tandis que la trésorerie est passée de 973 000 dollars à 712 000 dollars. Wi2Wi reste déterminé à optimiser les coûts, à améliorer l'efficacité de la production et à assurer une exécution sans faille dans toutes ses opérations commerciales.
Wi2Wi hat unverifizierte Finanzdaten für das 2. Quartal 2024, das am 30. Juni endete, bekannt gegeben. Das Unternehmen berichtete von Einnahmen von 1,685 Millionen Dollar, einem Anstieg von 8% im Vergleich zum 2. Quartal 2023 und einem Anstieg von 12% im Vergleich zum 1. Quartal 2024. Wi2Wi konzentriert sich darauf, das Umsatzwachstum zu beschleunigen, indem es sein Netzwerk von Vertriebsvertretern und Vertriebspartnern im Bereich Frequenzkontrolle erweitert. Das Unternehmen hat seine Präsenz in wichtigen US-Gebieten im 2. Quartal erfolgreich ausgebaut und plant, sein direktes Verkaufsteam zu verstärken.
Trotz des Umsatzanstiegs berichtete Wi2Wi von einem Nettverlust von 286.000 Dollar für das 2. Quartal 2024, was eine Verbesserung gegenüber dem Verlust von 425.000 Dollar im 2. Quartal 2023 darstellt. Die Gesamtaktiva des Unternehmens sind im Jahresvergleich von 8,287 Millionen Dollar auf 6,531 Millionen Dollar gesunken, während der verfügbare Bargeldbestand von 973.000 Dollar auf 712.000 Dollar gesenkt wurde. Wi2Wi bleibt weiterhin verpflichtet, Kosten zu optimieren, Fertigungseffizienz zu steigern und eine fehlerfreie Ausführung in allen Geschäftsabläufen zu gewährleisten.
- Revenue increased by 8% year-over-year to $1.685 million in Q2 2024
- 12% revenue growth compared to Q1 2024
- Net loss reduced from $425,000 in Q2 2023 to $286,000 in Q2 2024
- Successful expansion of presence in key U.S. territories
- Net cash provided by operations improved from -$137,000 to $190,000
- Net loss of $286,000 in Q2 2024
- Total assets decreased from $8.287 million to $6.531 million year-over-year
- Cash on hand reduced from $973,000 to $712,000 year-over-year
- Shareholders' equity declined from $4.622 million to $3.349 million
Company Focused on Top-Line Growth and Business Efficiencies
TORONTO, ON / ACCESSWIRE / August 22, 2024 / Wi2Wi Corporation (Wi2Wi) today announced its unaudited financial results for the second quarter ended June 30, 2024. The company reported revenues of
Key Financial Highlights
Wi2Wi is committed to accelerating revenue growth by strategically expanding its network of manufacturing representatives and distribution partners in the frequency control business. As part of this initiative, Wi2Wi successfully expanded its presence in key U.S. territories during Quarter 2 and is planning to strengthen its direct sales team further to capitalize on new market opportunities.
Ted Clark, Wi2Wi CEO, emphasized, "In Quarter 2 2024, we made significant strides in broadening our sales footprint, setting the stage for sustained top-line growth in the latter half of 2024 and beyond. Our ongoing focus on cost optimization, manufacturing efficiencies, and flawless execution across all business operations strongly positions us for continued success."
With an unwavering commitment to quality and customer satisfaction, Wi2Wi remains dedicated to delivering exceptional products and services. The company's clear strategic vision and proactive approach to growth continue to drive substantial business improvement, making Wi2Wi well-positioned for future success.
3 Months ending June 30, 2024 Overview (Unaudited)
(In thousands of U.S. dollars) |
| Quarter 2 2024 |
|
| Quarter 2 2023 |
| ||
Revenue |
| $ | 1,685 |
|
| $ | 1,560 |
|
Net income (loss) |
|
| (286 | ) |
|
| (425 | ) |
Net cash provided by (used in) operations |
|
| 190 |
|
|
| (137 | ) |
Total assets |
|
| 6,531 |
|
|
| 8,287 |
|
Cash on hand |
|
| 712 |
|
|
| 973 |
|
Total current liabilities |
|
| 1,279 |
|
|
| 1,524 |
|
Shareholders' equity |
|
| 3,349 |
|
|
| 4,622 |
|
Detailed and historical financial information is available here.
Investor & Media Contact
Ted Clark, Chief Executive Office
+1-469-545-3423
ted_c@wi2wi.com
About Wi2Wi Corporation
Wi2Wi is a specialized electronic component supplier with expertise in all aspects of frequency control devices as well as in wireless technologies. Wi2Wi's Precision Devices brand of products has earned a premier spot in numerous key markets including avionics, aerospace, industrial equipment, government, and the US military. Wi2Wi's frequency control products are best-in-class and of the highest quality.
Founded in 2005, Wi2Wi's headquarters, design center and state-of-the-art manufacturing facility are located in the heart of America's industrial belt in Middleton, WI. Wi2Wi can deliver specific solutions using its in-house design and manufacturing expertise, as well as leveraging many tier-1 global partnerships with numerous industry leading silicon and wireless technology suppliers.
Wi2Wi has partnered with best-in-class sales leaders. 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 all of which augment a US-based direct sales team.
Wi2Wi is extremely proud to serve hundreds of the world's top companies with its made-in-America products.
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 the original press release on accesswire.com
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