Edgewater Wireless Announces Third Quarter 2023 Financial Results

Rhea-AI Summary

Edgewater Wireless Systems Inc. announces its financial and operational results for the Second Quarter ending January 31, 2023.

Positive

• Edgewater Wireless has captured the attention of the global Wi-Fi industry, which is forecasted to reach $51.81 billion by 2030.
• The recent webinar with Tier 1 partner Liberty Global has generated commercial momentum from additional major Tier 1 Service Providers.
• Net loss for Q3 FY 2023 was $288,140 compared to a net loss of $279,987 for Q3 FY 2022.

Negative

• None.

OTTAWA, Canada--(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 Second Quarter ending January 31, 2023, which are available on SEDAR (www.SEDAR.com).

“We’re delighted by the interest and feedback from our recent webinar with our Tier 1 partner Liberty Global. Sharing the results of arguably one of the most extensive studies into home Wi-Fi performance captured the attention and interest of hundreds of attendees — from service providers to vendors to regulators and even competitors. And further validated the global opportunity for Spectrum Slicing in the home,” said Andrew Skafel, President and CEO of Edgewater Wireless. “We have captured the attention of the global Wi-Fi industry — a market forecasted to reach $51.81 billion by 2030¹. Spectrum Slicing offers a viable, proven, real-world solution to better home Wi-Fi for ALL end devices — existing and new.”

For more information on the benefits of increasing channel/link density with Spectrum Slicing, watch our recent Light Reading webinar, “Unlocking real-world performance in Home Wi-Fi” with our guest, Liberty Global, here: https://www.lightreading.com/webinar.asp?webinar_id=2209

Q3 FY 2023 Operating Results:

• Net loss for Q3 FY 2023 was $288,140 compared to a net loss of $279,987 for Q3 FY 2022

Q3 FY 2023 Activities and Accomplishments:

• The Annual General Meeting took place on November 22, 2022, and shareholders approved all matters unanimously.

Subsequent Event:

• On March 7, 2023, a major Tier 1 Service Provider joined Edgewater Wireless on a Light Reading hosted webinar titled “Unlocking Real-World Performance in Home Wi-Fi”. A significant milestone for the Company, the webinar has generated commercial momentum from additional major Tier 1 Service Providers facing identical Wi-Fi challenges.

Detailed information from the Company’s interim consolidated Financial Statements and Management Discussion and Analysis are available on www.SEDAR.com.

About Edgewater Wireless
We make Wi-Fi. Better.

Edgewater Wireless 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 real-world needs of service providers and their customers. With over 26 granted patents, Edgewater’s in-band multi-channel/link 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.

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1} Source: Research and Markets Wi-Fi Chipset Market Research Report (https://www.researchandmarkets.com/reports/5336316/wi-fi-chipset-market-research-report-by-mimo#product--methodology)

View source version on businesswire.com: https://www.businesswire.com/news/home/20230329005989/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 are the financial and operational results of Edgewater Wireless Systems Inc. for the Second Quarter ending January 31, 2023?

The financial and operational results for the Second Quarter ending January 31, 2023, can be found on SEDAR (www.SEDAR.com).

What is the forecasted market size of the global Wi-Fi industry?

The global Wi-Fi industry is forecasted to reach $51.81 billion by 2030.

What was the net loss for Q3 FY 2023 compared to Q3 FY 2022?

The net loss for Q3 FY 2023 was $288,140 compared to a net loss of $279,987 for Q3 FY 2022.

What is the significance of the recent webinar with Tier 1 partner Liberty Global?

The recent webinar with Tier 1 partner Liberty Global has generated commercial momentum from additional major Tier 1 Service Providers.

Where can I find detailed information from the Company's interim consolidated Financial Statements and Management Discussion and Analysis?

Detailed information can be found on www.SEDAR.com.