STOCK TITAN

WIRELESS TELECOM GROUP ANNOUNCES SECOND QUARTER 2022 FINANCIAL RESULTS

Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary

Wireless Telecom Group (WTT) reported a 22% decline in revenue to $6.1 million for the quarter ended June 30, 2022, compared to $7.8 million last year. The company faced a net loss of $(2.8) million for the first half, a stark contrast to a net income of $651,000 in the prior year. Despite a stable gross profit margin of 56.3%, adjusted EBITDA fell to $(846,000). However, bookings for July reached $3 million, and the company forecasts improved order flow, potentially growing third-quarter bookings to $8-10 million.

Positive
  • Bookings in July reached $3 million.
  • Test & Measurement revenue increased 6.5% compared to last year.
  • Expectations for third-quarter bookings are $8-$10 million.
Negative
  • Revenue decreased by 22% year-over-year.
  • Net loss from continuing operations was $(2.8) million compared to a profit last year.
  • Bookings dropped to $10.7 million from $18.7 million a year prior.

Highlights for the quarter ended June 30, 2022:

Revenue of $6.1 million compared to $7.8 million for the same period last year
Gross profit of $3.4 million compared to $4.4 million for the same period last year
Consolidated gross profit margin of 56.3%, compared to 56.2% for the same period last year
$13.3 million in cash on balance sheet as of June 30, 2022, and no debt

Highlights for the six months ended June 30, 2022:

Test & Measurement revenue increased 6.5% compared to the same period last year
Net loss from continuing operations of $(2.8) million, compared to net income from continuing operations of $651,000 for the same period last year
Non-GAAP adjusted net loss from continuing operations of $(1.0) million compared to net income of $186,000 for the same period last year
Non-GAAP Adjusted EBITDA of $(846,000), compared to Non-GAAP Adjusted EBITDA of $105,000 for the same period last year
Bookings of $10.7 million compared to $18.7 million for the same period last year, backlog of $6.4 million as of June 30, 2022
July 2022 bookings and contract signatures of $3.0 million

Parsippany, New Jersey, Aug. 09, 2022 (GLOBE NEWSWIRE) -- Wireless Telecom Group, Inc. (NYSE American: WTT) (the “Company”) announced today results for the three months ended June 30, 2022.

Tim Whelan, CEO of Wireless Telecom Group, Inc. stated, “Second quarter revenues and bookings were impacted by lower sales of digital signal processing cards as well as by supply chain shortages and delayed deliveries, a softening of demand as customers were delaying orders or reducing quantities purchased, and by the lockdown in China resulting from the continued Covid-19 pandemic. There were also certain timing issues, as evidenced by the strength of approximately $3 million in bookings and contract wins that were anticipated to close in June that occurred in July. This includes the $1.5 million multiparty contract with ADVA, which was announced in the fourth quarter last year. We are thrilled to be part of this project researching specialized small cells.”

Mr. Whelan continued, “We believe the pressures that impacted our second quarter results will ease in the second half of this year. We expect that our order flow will significantly improve in the third quarter which will lead to a reacceleration of year-over-year growth for the remainder of the year. Our current bookings and contract expectations for the third quarter are approximately $8 million to $10 million providing a basis for reaccelerating revenue growth in the 2022 second half. If the timing of supply chain delivery improves, we have additional revenue opportunities in the next two quarters, which further increases our basis for growth this year. Additionally, as announced at the annual shareholders meeting on July 29, 2022 we are undergoing a comprehensive strategic review process with CDX Advisors, a tech-enabled investment bank. We have various scenarios under evaluation including the sale of the entire Company or the sale of one or both segments separately. Our goal is to unlock and maximize shareholder value.”

Second Quarter 2022 Operating Results:

Consolidated net revenues decreased 22% from the prior year due to lower hardware and software sales at RBS.
Gross profit margin of 56% which is consistent with the prior year period. Lower RBS gross profit margin was due primarily to lower software license sales in the quarter, which was offset by continued strong gross profit margins at T&M.
Operating expenses were lower by 1.6% as higher stock compensation expense and non-recuring expenses associated with our strategic initiatives were offset by lower research and development expenses, intangible asset amortization expense and headcount related expenses.
GAAP net loss from continuing operations of $(1.4) million compared to net income of $1.1 million in the prior year. The higher net loss was due primarily to lower gross profit in the current year and the gain on forgiveness of the PPP loan in the prior year period.
Non-GAAP adjusted net loss from continuing operations of $(887,000) compared to adjusted net income of $459,000 in the prior year period. Non-GAAP adjusted net loss from continuing operations is a metric the Company uses to measure its core operations. A reconciliation of net loss from continuing operations to Non-GAAP adjusted net loss from continuing operations is provided later in this press release.
Non-GAAP Adjusted EBITDA was a loss of $(778,000) compared to $(161,000) in the prior year. Non-GAAP adjusted EBITDA is a metric the Company uses to measure our core operations. A reconciliation of non-GAAP adjusted EBITDA to GAAP net income is provided later in this press release.

Cash Flow and Balance Sheet

Consolidated cash balance of $13.3 million as of June 30, 2022
1.7 million common shares repurchased in the second quarter for $2.5 million

Conference Call

As previously announced, Wireless Telecom Group Inc. will host a conference call on August 9, 2022, at 8:30 a.m. ET in which management will discuss second quarter results and related matters. To participate in the conference call, dial 800-346-7359 or 973-528-0008. The conference identification number is 455180.

The call will also be webcast over the internet at the following URL:
https://www.webcaster4.com/Webcast/Page/1690/46304

A replay will be made available on the Wireless Telecom website following the conference call.

Investor Contact

Andrew M. Berger
Managing Director
SM Berger & Company
Tel: (216) 464-6400
andrew@smberger.com

Contact

Michael Kandell
25 Eastmans Road
Parsippany, NJ 07054
Tel: (973) 386-9696
Fax: (973) 386-9191
www.wirelesstelecomgroup.com

Use of Non-GAAP Financial Measures

The Company reports its financial results in accordance with generally accepted accounting principles (“GAAP”). Management believes, however, that certain non-GAAP financial measures used in managing the Company’s business may provide users of this financial information with additional meaningful comparisons between current results and prior reported results. Certain of the information set forth herein and certain of the information presented by the Company from time to time may constitute non-GAAP financial measures within the meaning of Regulation G adopted by the Securities and Exchange Commission. We have presented herein a reconciliation of these measures to the most directly comparable GAAP financial measure. The non-GAAP measures presented herein may not be comparable to similarly titled measures presented by other companies. The foregoing measures do not serve as a substitute and should not be construed as a substitute for GAAP performance but provide supplemental information concerning our performance that our investors and we find useful.

The Company defines Non-GAAP adjusted operating income/(loss) as GAAP operating income/(loss) excluding non-cash amortization expense of purchased intangible assets, non-recurring expenses associated with acquisition and divestiture activities, expenses associated with our strategic initiatives and non-cash stock compensation expense.

The Company defines Non-GAAP adjusted net income/(loss) from continuing operations as GAAP net income/(loss) from continuing operations excluding non-cash amortization expense of purchased intangible assets, non-recurring expenses associated with acquisition and divestiture activities, expenses associated with our strategic initiatives, non-cash stock compensation expense and the loss on extinguishment of our Muzinich and Bank of America N.A. credit facilities.

The Company defines EBITDA as its net earnings before interest, taxes, depreciation and amortization. “Adjusted EBITDA” is EBITDA excluding our stock compensation expense, restructuring charges, acquisition and divestitures expenses, expenses associated with our strategic initiatives, integration expenses, unrealized and realized foreign exchange gains and losses, purchase accounting adjustments, non-recurring legal fees associated with the Harris arbitration, goodwill and indefinite lived intangible asset impairment charges, (gain)/loss on change in fair value of contingent consideration, gain on extinguishment of our PPP loan, loss on extinguishment of our Muzinich and Bank of America N.A. credit facilities and other non-recurring costs. A reconciliation of net income/(loss) to non-GAAP Adjusted EBITDA is included as an attachment to this press release.

The Company views Non-GAAP Adjusted EBITDA, Non-GAAP Adjusted Operating Income/(Loss) and Non-GAAP Adjusted Net Income/(Loss) from Continuing Operations as important indicators of performance, consistent with the manner in which management measures and forecasts the Company’s performance. We believe these Non-GAAP measures are important performance metrics because they facilitate the analysis of our results, exclusive of certain non-cash and non-recurring items, including items which do not directly correlate to our business operations.

The Company believes that Non-GAAP Adjusted EBITDA, Non-GAAP Adjusted Operating Income/(Loss) and Non-GAAP Adjusted Net Income/(Loss) from Continuing Operations metrics provide qualitative insight into our current performance; we use these measures to evaluate our results, the performance of our management team and our management’s entitlement to incentive compensation; and we believe that making this information available to investors enables them to view our performance the way that we view our performance and thereby gain a meaningful understanding of our core operating results, in general, and from period to period.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, such forward-looking statements may be identified by terms such as believe, expect, seek, may, will, intend, project, anticipate, plan, estimate, guidance or similar words. Forward-looking statements include, among others, our expectation that pressures impacting our second quarter will ease in the second half of the year, our expectation that our order flow will significantly improve in the third quarter which will lead to growth in the second half of the year, our current bookings expectations of approximately $8 to $10 million for the third quarter of 2022 which will provide a basis for revenue ramp in the second half of 2022 and our expectation that if the timing of supply chain delivery improves, we have additional opportunity for increasing revenues in the next two quarters which we expect will provide the basis for growth for the full year. Investors are cautioned that such forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties that could materially affect actual results, including, among others, the ongoing impact that the conflict in Ukraine and related sanctions have had and may continue to have on our business, supply chain, transportation costs, and our backlog; the impact that the evolving COVID-19 pandemic has had and may continue to have on our supply chain, human capital and the general economy in the future; the impact inflation has had and may continue to have on our business and the economy in general, our dependency on capital spending on data and communication networks by our customers and end users; our dependency on the deployment of 4G LTE and 5G NR private networks and related services to grow our business; the impact of the loss of any significant customers; the ability of our management to successfully implement our evolving business plan; the impact of competitive products and pricing; our abilities to protect our intellectual property rights and our ability to manage risks related to our information technology and cyber security as well as other risks and uncertainties set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. These forward-looking statements speak only as of the date of this release and the Company does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise, as except as required by law.

About Wireless Telecom Group, Inc.

Wireless Telecom Group, Inc., comprised of Boonton, CommAgility, Holzworth, and Noisecom, is a global designer and manufacturer of advanced RF and microwave components, modules, systems, and instruments. Serving the wireless, telecommunication, satellite, military, aerospace, and semiconductor industries, Wireless Telecom Group products enable innovation across existing and emerging wireless technologies. With a product portfolio including peak power meters, signal generators, phase noise analyzers, signal processing modules, LTE PHY/stack software, noise sources, and programmable noise generators, Wireless Telecom Group supports the development, testing, and deployment of wireless technologies around the globe. Wireless Telecom Group, Inc.’s website address is wirelesstelecomgroup.com.

Wireless Telecom Group INC.

CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME/(LOSS)
(UNAUDITED)
(In thousands, except per share amounts)

  For the Three Months Ended  For the Six Months Ended 
  June 30  June 30 
  2022  2021  2022  2021 
Net revenues $6,068  $7,788  $13,664  $15,972 
                 
Cost of revenues  2,653   3,410   5,894   6,740 
                 
Gross profit  3,415   4,378   7,770   9,232 
                 
Operating expenses                
Research and development  1,126   1,244   2,285   2,400 
Sales and marketing  1,261   1,144   2,520   2,339 
General and administrative  2,706   2,787   6,098   5,638 
Total operating expenses  5,093   5,175   10,903   10,377 
                 
Operating loss  (1,678)  (797)  (3,133)  (1,145)
                 
Gain/(loss) on extinguishment of debt  -   2,045   (792)  2,045 
Other income/(expense)  32   (17)  133   10 
Interest expense  -   (285)  (177)  (582)
                 
Income/(loss) before taxes  (1,646)  946   (3,969)  328 
Tax benefit  (286)  (179)  (1,136)  (323)
Net income/(loss) from continuing operations $(1,360) $1,125  $(2,833) $651 
                 
Net income from discontinued operations, net of taxes  -   412   11,670   652 
Net income/(loss) $(1,360) $1,537  $8,837  $1,303 
                 
Other comprehensive income/(loss):                
Foreign currency translation adjustments  (380)  12   (517)  87 
Comprehensive income/(loss) $(1,740) $1,549  $8,320  $1,390 
                 
Income/(loss) per share from continuing operations:                
Basic $(0.06) $0.05  $(0.13) $0.03 
Diluted $(0.06) $0.05  $(0.13) $0.03 
                 
Income per share from discontinued operations:                
Basic $0.00  $0.02  $0.53  $0.03 
Diluted $0.00  $0.01  $0.48  $0.02 
                 
Income/(loss) per share:                
Basic $(0.06) $0.07  $0.40  $0.06 
Diluted $(0.06) $0.06  $0.35  $0.05 
                 
Weighted average shares outstanding:                
Basic  21,857   21,763   22,151   21,728 
Diluted  21,857   24,343   24,200   24,063 


CONSOLIDATED BALANCE SHEETS

(In thousands, except number of shares and par value)

  (Unaudited)    
  June 30 2022  December 31 2021 
CURRENT ASSETS        
Cash & cash equivalents $13,338  $4,472 
Accounts receivable - net of reserves of $180 and $196, respectively  4,007   2,407 
Inventories - net of reserves of $678 and $681, respectively  5,247   5,088 
Prepaid expenses and other current assets  2,156   1,689 
Current assets of discontinued operations  -   6,869 
TOTAL CURRENT ASSETS  24,748   20,525 
         
PROPERTY PLANT AND EQUIPMENT - NET  1,272   1,110 
         
OTHER ASSETS        
Goodwill  9,701   10,108 
Acquired intangible assets, net  3,243   3,661 
Deferred income taxes  2,904   5,580 
Right of use assets  867   1,146 
Other assets  269   284 
Non current assets of discontinued operations  -   1,937 
TOTAL OTHER ASSETS  16,984   22,716 
         
TOTAL ASSETS $43,004  $44,351 
         
CURRENT LIABILITIES        
Short term debt $-  $126 
Accounts payable  1,404   1,481 
Short term leases  484   585 
Accrued expenses and other current liabilities  5,242   6,676 
Deferred revenue  132   408 
Current liabilities of discontinued operations  -   1,965 
TOTAL CURRENT LIABILITIES  7,262   11,241 
         
LONG TERM LIABILITIES        
Long term debt  -   3,595 
Long term leases  430   615 
Other long term liabilities  37   52 
Deferred tax liability  205   228 
TOTAL LONG TERM LIABILITIES  672   4,490 
         
COMMITMENTS AND CONTINGENCIES        
         
SHAREHOLDERS’ EQUITY        
Preferred stock, $.01 par value, 2,000,000 shares authorized, none issued  -   - 
Common stock, $.01 par value, 75,000,000 shares authorized
36,250,636 and 35,915,636 shares issued, 21,290,098 and 22,666,072 shares outstanding
  362   359 
Additional paid in capital  52,226   51,555 
Retained earnings  9,391   554 
Treasury stock at cost, 14,960,538 and 13,249,564 shares  (27,163)  (24,619)
Accumulated other comprehensive income  254   771 
TOTAL SHAREHOLDERS’ EQUITY  35,070   28,620 
         
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $43,004  $44,351 


CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)
(Unaudited)

  For the Six Months 
  Ended June 30 
  2022  2021 
CASH FLOWS PROVIDED/(USED) BY OPERATING ACTIVITIES        
Net income $8,837  $1,303 
Adjustments to reconcile net loss to net cash provided/(used) by operating activities:        
Depreciation and amortization  751   1,065 
Extinguishment of PPP loan  -   (2,045)
Loss on extinguishment of term debt  792   - 
Gain on sale of Microlab  (16,403)  - 
Amortization of debt issuance fees  55   150 
Share-based compensation expense  650   203 
Deferred rent  (15)  (15)
Deferred income taxes  2,677   320 
Provision for doubtful accounts  (16)  71 
Inventory reserves  28   85 
Changes in assets and liabilities, net of divestiture:        
Accounts receivable  (1,581)  (1,079)
Inventories  (457)  (645)
Prepaid expenses and other assets  (57)  319 
Accounts payable  304   585 
Deferred revenue  (257)  - 
Accrued expenses and other liabilities  (842)  77 
Net cash provided/(used) by operating activities  (5,534)  394 
         
CASH FLOWS PROVIDED/(USED) BY INVESTING ACTIVITIES        
Capital expenditures  (326)  (313)
Deferred purchase price payment  (250)  (200)
Divestiture of Microlab, net  22,753   - 
Net cash provided/(used) by investing activities  22,177   (513)
         
CASH FLOWS USED BY FINANCING ACTIVITIES        
Term loan repayments  (4,432)  (470)
Acquisition of treasury stock  (2,525)  - 
Payment of contingent consideration  (658)  (105)
Proceeds from exercise of stock options  24   - 
Shares withheld for employee taxes  (19)  (17)
Net cash used by financing activities  (7,610)  (592)
         
Effect of Exchange Rate Changes on Cash and Cash Equivalents  (167)  14 
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS  8,866   (697)
         
Cash and Cash Equivalents, at Beginning of Period  4,472   4,910 
         
CASH AND CASH EQUIVALENTS, AT END OF PERIOD $13,338  $4,213 
         
SUPPLEMENTAL INFORMATION:        
Cash paid during the period for interest $122  $204 
Cash paid during the period for income taxes $597  $110 


NET REVENUE AND GROSS PROFIT BY SEGMENT

(In thousands)
Unaudited

  Three months ended June 30, 
  Revenue  % of Revenue  Change 
  2022  2021  2022  2021  Amount  Pct. 
Test and measurement $5,489  $5,521   90.5%  70.9% $(32)  -0.6%
Radio, baseband, software  579   2,267   9.5%  29.1%  (1,688)  -74.5%
Total net revenues $6,068  $7,788   100.0%  100.0% $(1,720)  -22.1%


  Three months ended June 30, 
  Gross Profit  Gross Profit %  Change 
  2022  2021  2022  2021  Amount  Pct. 
Test and measurement $3,170  $3,270   57.8%  59.2% $(100)  -3.0%
Radio, baseband, software  245   1,108   42.3%  48.9%  (863)  -77.9%
Total gross profit $3,415  $4,378   56.3%  56.2% $(963)  -22.0%


  Six months ended June 30, 
  Revenue  % of Revenue  Change 
  2022  2021  2022  2021  Amount  Pct. 
Test and measurement $11,548  $10,848   84.5%  67.9% $700   6.5%
Radio, baseband, software  2,116   5,124   15.5%  32.1%  (3,008)  -58.7%
Total net revenues $13,664  $15,972   100.0%  100.0% $(2,308)  -14.5%


  Six months ended June 30, 
  Gross Profit  Gross Profit %  Change 
  2022  2021  2022  2021  Amount  Pct. 
Test and measurement $6,678  $6,324   57.8%  58.3% $354   5.6%
Radio, baseband, software  1,092   2,908   51.6%  56.8%  (1,816)  -62.4%
Total gross profit $7,770  $9,232   56.9%  57.8% $(1,462)  -15.8%


SEGMENT FINANCIAL STATEMENTS

(In thousands, unaudited)

  Three months ended  Three months ended  Six months ended  Six months ended 
  June 30, 2022  June 30, 2021  June 30, 2022  June 30, 2021 
  T&M  RBS  Total  T&M  RBS  Total  T&M  RBS  Total  T&M  RBS  Total 
Net revenues $5,489  $579  $6,068  $5,521  $2,267  $7,788  $11,548  $2,116  $13,664  $10,848  $5,124  $15,972 
Cost of revenues  2,319   334   2,653   2,251   1,159   3,410   4,870   1,024   5,894   4,524   2,216   6,740 
Gross profit  3,170   245   3,415   3,270   1,108   4,378   6,678   1,092   7,770   6,324   2,908   9,232 
                                                 
Operating expenses  1,987   1,440   3,427   1,808   1,788   3,596   3,857   3,038   6,895   3,480   3,623   7,103 
                                                 
Segment profitability  1,183   (1,195)  (12)  1,462   (680)  782   2,821   (1,946)  875   2,844   (715)  2,129 
                                                 
Corporate expenses          1,666           1,579           4,008           3,274 
Operating loss          (1,678)          (797)          (3,133)          (1,145)
                                                 
Other income/(expense)          32           2,028           (659)          2,055 
Interest expense          -           (285)          (177)          (582)
                                                 
Income/(loss) before taxes          (1,646)          946           (3,969)          328 
                                                 
Tax provision/(benefit)          (286)          (179)          (1,136)          (323)
Net income/(loss) from continuing operations          (1,360)          1,125           (2,833)          651 
                                                 
Net income from discontinued operations, net of tax          -           412           11,670           652 
Net income/(loss)         $(1,360)         $1,537          $8,837          $1,303 
                                                 
Depreciation and Amortization $255  $63  $317  $225  $249  $473  $534  $217  $751  $448  $494  $942 


RECONCILIATION OF NON GAAP MEASURES

(In thousands, unaudited)

  Three Months Ended  Six Months Ended 
  June 30  June 30 
  (Unaudited)  (Unaudited) 
  2022  2021  2022  2021 
Net Income/(loss) from continuing operations $(1,360) $1,125  $(2,833) $651 
Tax (Provision)/Benefit  (286)  (179)  (1,136)  (323)
Depreciation and amortization expense  317   473   751   942 
Interest expense  -   285   177   582 
Non-GAAP EBITDA  (1,329)  1,704   (3,041)  1,852 
Stock compensation expense  320   89   650   203 
Divestiture and strategic initiative expenses  213   72   743   72 
Restructuring Costs  -   -   -   25 
FX (Gain)/Loss  18   19   10   (6)
PPP Loan Forgiveness  -   (2,045)  -   (2,045)
Loss on Extinguishment of Debt  -   -   792   - 
Non Recurring Arbitration Legal Costs  -   -   -   4 
Non-GAAP Adjusted EBITDA $(778) $(161) $(846) $105 


  Three Months Ended  Six Months Ended 
  June 30  June 30 
  (Unaudited)  (Unaudited) 
  2022  2021  2022  2021 
GAAP Operating Income/(Loss), as reported $(1,678) $(797) $(3,133) $(1,145)
Adjustments:                
Amortization of acquired intangible assets  143   331   378   660 
Divestiture and strategic initiative expenses  213   72   743   72 
Stock Compensation Expense  320   89   650   203 
Restructuring costs  -   -   -   25 
Total Adjustments to operating income/(loss)  676   492   1,771   960 
Non-GAAP Adjusted Operating Income/(Loss) $(1,002) $(305) $(1,362) $(185)


  Three Months Ended  Six Months Ended 
  June 30  June 30 
  (Unaudited)  (Unaudited) 
  2022  2021  2022  2021 
Net Income/(loss) from continuing operations, as reported $(1,360) $1,125  $(2,833) $651 
Adjustments:                
Total pretax adjustments to operating income/(loss)  676   492   1,771   960 
Loss/(Gain) on Extinguishment of Debt  -   (2,045)  792   (2,045)
Total Adjustments to Net loss from continuing operations  676   (1,553)  2,563   (1,085)
Tax effects of adjustments  203   (887)  768   (620)
Non-GAAP Adjusted Net Income/(loss) from continuing operations $(887) $459  $(1,038) $186 
                 
Basic EPS, as reported $(0.06) $0.05  $(0.13) $0.03 
Diluted EPS, as reported $(0.06) $0.05  $(0.13) $0.03 
                 
Non-GAAP Adjusted Basic EPS $(0.04) $0.02  $(0.05) $0.01 
Non-GAAP Adjusted Diluted EPS $(0.04) $0.02  $(0.05) $0.01 
                 
Basic Shares  21,857   21,763   22,151   21,728 
Diluted Shares  21,857   24,343   22,151   24,063 



FAQ

What were the earnings results for WTT in Q2 2022?

WTT reported a revenue of $6.1 million, down from $7.8 million in Q2 2021.

What is the future outlook for WTT's bookings?

WTT expects third-quarter bookings to range between $8 million to $10 million.

How did WTT's net loss compare year-over-year?

WTT reported a net loss of $(2.8) million for the first half of 2022, contrasting with a net income of $651,000 from the previous year.

Wireless Telecom Group, Inc.

NYSE:WTT

WTT Rankings

WTT Latest News

WTT Stock Data

45.41M
19.73M
7.8%
32.21%
0.16%
Communication Equipment
Technology
Link
United States
Parsippany