Edgewater Wireless Announces Fiscal Q3 2022 Financial Results

Rhea-AI Summary

Edgewater Wireless Systems (OTC: KPIFF) reported its Q3 2022 results, ending January 31, 2022. The company completed a successful pilot project with a Tier 1 Service Provider, showcasing its Spectrum Slicing technology that delivered a 50% latency improvement and throughput gains of 6 to 12 times for residential applications. Despite this progress, the company faced a net loss of $279,987, up from a loss of $132,056 in Q3 2021. Looking forward, Edgewater aims to leverage the Canadian government's $240 million investment in the semiconductor sector to enhance its operational capabilities.

Positive

• Successful pilot project with a Tier 1 Service Provider demonstrating 50% latency improvement and 6-12 times throughput gains.
• Strategic on-shoring of silicon design to enhance access to North American foundries.

Negative

• Net loss of $279,987 in Q3 2022, an increase from $132,056 in Q3 2021.

OTTAWA, Ontario--(BUSINESS WIRE)-- Edgewater Wireless Systems Inc. (TSXV: YFI) (OTC: KPIFF), the industry leader in Wi-Fi Spectrum Slicing technology for residential and enterprise markets, is pleased to announce its financial and operational results for the Third Quarter ending January 31, 2022, which are available on SEDAR (www.SEDAR.com). The Company fiscal year-end is April 30^th.

Company President and CEO Andrew Skafel said, “During Q3, Edgewater Wireless marked a milestone achievement with the successful completion of a pilot project with a major Tier 1 Service Provider. The collaboration clearly demonstrated our Spectrum Slicing technology’s real-world superiority versus the legacy single-channel architecture currently used in the residential space.”

• Successfully completed Pilot with major Tier 1 Service Provider demonstrating impressive 50% improvement to latency and 6 to 12 times throughput gains for Residential applications
• Edgewater Wireless is a pre-revenue, development-stage company
• Net loss for Q3 2022 was $279,987, compared to a net loss of $132,056 for Q3 2021.

November 30, 2021: Edgewater Wireless: Wi-Fi Spectrum Slicing once again demonstrates superiority. Major Tier 1 Service Provider carried out extensive tests through an independent organization that validated and further demonstrated the powerful capabilities of Edgewater’s silicon solutions.

• Results demonstrate an impressive 50% improvement in latency
• 6-12 times throughput gains for Residential Service Provider use cases in earlier Proof of Concept
• An independent test house conducted all tests under rigorous real-world scenarios.

The Tier 1 Service Provider tests compared the current physical layer single-channel architecture offered by ALL today’s Wi-Fi systems, up to and including Wi-Fi6E, to Edgewater’s patented, physical layer multi-channel Spectrum Slicing. The independent test house applied rigorous testing to validate the impact of Spectrum Slicing in both enterprise and residential applications.

“The strength of our IP portfolio and our partnerships with industry leaders like CableLabs had Edgewater Wireless positioned for a transformational 2022. More recently, our strategic decision to on-shore our silicon design and development programs to better access the North American foundry ecosystem looks to have been further validated by the Government of Canada’s $240 million commitment to the country’s semiconductor sector,” Skafel said. “We remain confident in our Spectrum Slicing technology’s proven real-world value and are excited about our growth opportunity in 2022 and beyond.”

Subsequent to Quarter End:

• Edgewater Wireless Announces Strategic Steps to On-shore Silicon Development and Commercialization of its Next-generation Wi-Fi Spectrum Slicing Silicon. Accelerates initiatives to on-shore silicon commercialization and development in advance of the ongoing resurgence in chip manufacturing in North America
• Edgewater Wireless Applauds and Supports the Government of Canada’s Announced Semiconductor Challenge Call-out Initiative aims to solidify Canada’s role as a global leader in the development and manufacturing of semiconductors

For further information, visit www.SEDAR.ca or www.edgewaterwireless.com

About Edgewater Wireless
We make Wi-Fi. Better.
Edgewater Wireless (www.edgewaterwireless.com) is the industry leader in innovative Spectrum Slicing technology for residential and commercial markets. We develop advanced Wi-Fi silicon solutions, Access Points, and IP licensing designed to meet the high-density and high quality-of-service needs of service providers and their customers. With 24+ patents, Edgewater’s Multi-Channel, Single Radio (MCSR) technology revolutionizes Wi-Fi, delivering next-generation Wi-Fi today.

Edgewater’s physical layer Spectrum Slicing allows a frequency band to be divided, or sliced, to enable more radios to operate in a given area. Think of Spectrum Slicing like moving from a single-lane road to a multi-lane highway — regardless of Wi-Fi technology. The recently completed Proof of Concept (PoC) with a major Tier 1 Service Provider showed 7 to 18 times performance gains in 75% of homes surveyed. Interestingly, homes with the most devices saw the greatest improvements.

For more information, visit www.edgewaterwireless.com.

Forward-Looking Statements

This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. Although Edgewater Wireless believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because Edgewater Wireless can give no assurance that they will prove to be correct. By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause Edgewater Wireless’ actual results and experience to differ materially from the anticipated results or expectations expressed. These risks and uncertainties, include, but are not limited to access to capital markets, market forces, competition from new and existing companies and regulatory conditions. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this news release or otherwise, and to not use future-oriented information or financial outlooks for anything other than their intended purpose. Edgewater Wireless undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220323005990/en/

Edgewater Wireless Contacts:

Andrew Skafel, President and CEO

E: andrews@edgewaterwireless.com



Bill Mitoulas, Investor Relations

E: ir@edgewaterwireless.com

T: +1.416.479.9547



www.edgewaterwireless.com

Source: Edgewater Wireless Systems Inc.

FAQ

What were Edgewater Wireless's financial results for Q3 2022?

Edgewater Wireless reported a net loss of $279,987 for Q3 2022, compared to a loss of $132,056 in Q3 2021.

How did the pilot project with the Tier 1 Service Provider benefit Edgewater Wireless?

The pilot project demonstrated a 50% improvement in latency and throughput gains of 6 to 12 times for residential Wi-Fi applications.

What strategic moves is Edgewater Wireless making in 2022?

Edgewater Wireless is focusing on on-shoring its silicon design and development to benefit from the Canadian government's $240 million investment in the semiconductor sector.