Edgewater Wireless Announces Year End 2023 Financial Results

Rhea-AI Summary

Edgewater Wireless Systems Inc. announces financial and operational results for FY 2023, including a net loss of $799,444 and revenue of $7,574. The launch of their next-generation WiFi7 Spectrum Slicing silicon has generated interest from Tier 1 Service Providers and OEMs.

Positive

• The launch of the next-generation WiFi7 Spectrum Slicing silicon has captured the imagination of Service Providers, generating interest from Tier 1 Service Providers and OEMs.

Negative

• Net loss for FY 2023 was $799,444 compared to a net loss of $1,057,599 for FY 2022. Revenue in FY 2023 was $7,574, a decrease from $11,369 in FY 2022.

OTTAWA--(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 Year Ending April 30, 2023, which are available on SEDAR (www.SEDAR.com).

“Further review by our team and an external subject matter expert has resulted in the re-categorization of the 2022 Convertible Debentures. The additional prudence taken in preparing our YE financials led to a delay in filing our results,” said Andrew Skafel, President and CEO of Edgewater Wireless Systems Inc. “Operationally, we’re delighted by the progress over these last few months, and we’re on track for a positive 2023 and 2024. The launch of our next-generation WiFi7 Spectrum Slicing silicon has captured the imagination of Service Providers, and we’re fielding multiple requests for engineering samples from Tier 1 Service Providers and OEMs. Spectrum Slicing offers a proven, real-world solution to better home Wi-Fi for ALL devices — existing and new.”

FY 2023 Operating Results:

• Net loss for FY 2023 was $799,444 compared to a net loss of $1,057,599 for FY 2022
• Revenue in FY 2023 was $7,574 from sales of Wi-Fi Spectrum Slicing development kit and lab system purchases compared to $11,369 in FY 2022.

FY 2023 and Subsequent Activities and Accomplishments highlights:

• On May 25, 2023, Edgewater reached a significant milestone, announcing its next-generation Wi-Fi Spectrum Slicing powered silicon solutions targeting residential, enterprise and prosumer applications. Building on the latest Wi-Fi standard, WiFi7 (802.11BE), Edgewater’s groundbreaking platform offers more physical channel capacity than single-channel, legacy Wi-Fi architectures — bringing lower latency and reduced contention for EXISTING and NEW devices. The AI-enabled, dynamic channel-width capable platform supports up to 28 concurrent links/channels. It is the world’s first silicon solution to couple the performance of WiFi7 with the proven robustness and flexibility of Wi-Fi Spectrum Slicing.
• On April 25, 2023, Edgewater Wireless completed submissions, a new patent application to the U.S. Patent and Trademark Office titled: “Method and Apparatus for In-Band Multi-channel Determination and Utilization”. The new patent application further solidifies Edgewater’s leadership position in multi-link Wi-Fi and wireless innovation, which is essential in delivering a higher quality of service and lower latency for all modern and legacy wireless devices. The culmination of many years of customer-driven, extensive real-world research and development, the Company leveraged the Industry Research Assistance Program funded by the National Research Council of Canada to identify and further IP licensing opportunities.
• On March 7, 2023, Liberty Global 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.

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

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230908965752/en/

Edgewater Wireless:

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.