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WIRELESS TELECOM GROUP ANNOUNCES THIRD QUARTER 2022 FINANCIAL RESULTS

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Wireless Telecom Group, Inc. (WTT) reported Q3 2022 net revenues of $5.3 million, down 27.7% year-over-year, primarily due to a $1.9 million decrease in the Test & Measurement segment. Gross profit fell to $2.7 million with a margin of 49.9%, down from 54.8%. The company faced a GAAP operating loss of $2.6 million compared to $2.1 million last year, and net loss from continuing operations was $2.3 million, up from $1.2 million. However, new contracts reached $13 million, doubling the backlog to $12.8 million.

Positive
  • New customer contracts of $13 million in Q3, exceeding initial estimates of $8 to $10 million.
  • Backlog increased from $6.4 million to $12.8 million, indicating strong future revenue potential.
  • Operating expenses reduced by $913,000, or 14.8%, year-over-year.
Negative
  • Net revenues decreased by $2 million, or 27.7%, from the prior year.
  • Gross profit margin declined from 54.8% to 49.9%, due to lower absorption of fixed costs.
  • GAAP operating loss increased to $2.6 million from $2.1 million year-over-year.
  • Non-GAAP adjusted EBITDA loss widened to $1.4 million compared to a loss of $486,000 in the prior year.

Highlights for the quarter ended September 30, 2022: 

  • Net revenues of $5.3 million, a decrease of 27.7% from the same period last year
  • Gross profit of $2.7 million, gross profit margin of 49.9%, compared to gross profit margin of 54.8% for the same period last year
  • GAAP operating loss of $2.6 million compared to $2.1 million in the same period last year
  • Net loss from continuing operations of $2.3 million, compared to $1.2 million in the same period last year
  • Non-GAAP adjusted EBITDA loss of $1.4 million, compared to a non-GAAP adjusted EBITDA loss of $486,000 in the same period last year
  • New customer contracts of $13.0 million in the third quarter, which includes $11.6 million of bookings and a $1.4 million research grant which will be recognized as an offset to R&D expenses as incurred
  • Backlog of $12.8 million, reflecting a doubling of the $6.4 million backlog at June 30, 2022, and excludes the impact of the $1.4 million research grant 

Parsippany, New Jersey, Nov. 14, 2022 (GLOBE NEWSWIRE) -- Wireless Telecom Group, Inc. (NYSE American: WTT) (the “Company”) announced today results for the three months ended September 30, 2022. The earnings call previously announced in the Company’s press release dated November 7th, 2022 has been cancelled due to the continuing strategic alternatives process. 

Tim Whelan, CEO of Wireless Telecom Group, Inc. stated, “We are focused on our strategic alternatives process and evaluating the return of excess cash to shareholders, and we expect to communicate more about this in the future. With respect to our third quarter, we are exceptionally pleased with the accomplishment of record bookings and contract signatures in the third quarter, which far exceeded initial expectations of $8 to $10 million, and underscores the long-term health of the business.” 

Mr. Whelan continued, “Our third quarter saw a recovery from first half customer order uncertainty, and we realized a record quarter of contract signatures of $13.0 million which included multiple large orders initially projected for close prior to June 30, as well as strong bookings in both of our segments. As a result, we have realized significant increases in our backlog which are expected to lead to improving revenues and gross profits in the quarters ahead.” 

Third Quarter 2022 Operating Results: 

  • Net revenues of $5.3 million, a decrease of $2.0 million, or 27.7% over the prior year period primarily due to decreased revenue of $1.9 million in our Test & Measurement (“T&M”) segment.  Third quarter revenue reflected lower than expected first half bookings caused by the Ukraine conflict disrupting the timing of military and defense spend, as well as general economic uncertainty impacting the closure of deals in our sales funnel in the second quarter. 
  • Gross profit of $2.7 million, a decrease of $1.4 million, or 34.2% over the prior year period due primarily to lower T&M revenues. Gross profit margin declined from 54.8% to 49.9% due primarily to lower absorption of fixed manufacturing costs at T&M.   
  • Backlog of $12.8 million, an increase of $6.4 million from June 30, 2022.
  • Operating expenses were $5.2 million, a decrease of $913,000, or 14.8% from the prior year period, primarily due to the recognition of a $1 million loss on the change in the fair value of contingent consideration of the Holzworth earn out in 2021. 
  • GAAP net loss from continuing operations of $2.3 million compared to a net loss from continuing operations of $1.2 in the prior year period due primarily to lower T&M gross profits and a lower tax benefit in 2022, offset by the recognition of a $1 million loss on the change in the fair value of contingent consideration of the Holzworth earn out in 2021.
  • Non-GAAP adjusted EBITDA loss of $1.4 million compared to an Adjusted EBITDA loss of $486,000 in the prior year due primarily to lower revenues and gross profit.  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: 

  • Net increase in Cash and Cash Equivalents of $6.2 million, reflecting the sale of the Microlab business in 2022, offset by the extinguishment of debt, share repurchases and higher working capital.
  • Short-term and long-term debt of $0 as of September 30, 2022 compared to $3.7 million as of December 31, 2021. 

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 expectations with respect to bookings, backlog and strategic alternatives, among other things. 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 STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME/(LOSS)
(UNAUDITED)
(In thousands, except per share amounts)
 

  For the Three Months Ended  For the Nine Months Ended 
  September 30  September 30 
  2022  2021  2022  2021 
Net revenues $5,330  $7,376  $18,994  $23,348 
                 
Cost of revenues  2,672   3,334   8,566   10,074 
                 
Gross profit  2,658   4,042   10,428   13,274 
                 
Operating expenses                
Research and development  1,068   1,210   3,352   3,610 
Sales and marketing  1,100   1,201   3,620   3,540 
General and administrative  3,071   2,741   9,169   8,379 
Loss on change in contingent consideration  -   1,000   -   1,000 
Total operating expenses  5,239   6,152   16,141   16,529 
                 
Operating loss  (2,581)  (2,110)  (5,713)  (3,255)
                 
Gain/(loss) on extinguishment of debt  -   -   (792)  2,045 
Other income/(expense)  (46)  20   87   29 
Interest income/(expense)  18   (365)  (159)  (947)
                 
Income/(loss) before taxes  (2,609)  (2,455)  (6,577)  (2,128)
Tax benefit  (341)  (1,255)  (1,540)  (1.390)
Net income/(loss) from continuing operations $(2,268) $(1,200) $(5,037) $(738)
                 
Net income from discontinued operations, net of taxes  87   1,013   11,695   1,854 
Net income/(loss) $(2,181) $(187) $6,658  $1,116 
                 
Other comprehensive income/(loss):                
Foreign currency translation adjustments  (244)  (152)  (761)  (64)
Comprehensive income/(loss) $(2,425) $(339) $5,897  $1,052 
                 
Income/(loss) per share from continuing operations:                
Basic $(0.11) $(0.05) $(0.23) $(0.03)
Diluted $(0.11) $(0.05) $(0.23) $(0.03)
                 
Income per share from discontinued operations:                
Basic $0.00  $0.05  $0.53  $0.08 
Diluted $0.00  $0.05  $0.53  $0.08 
                 
Income/(loss) per share:                
Basic $(0.10) $0.00  $0.30  $0.05 
Diluted $(0.10) $0.00  $0.30  $0.05 
                 
Weighted average shares outstanding:                
Basic  21,134   22,234   21,886   21,900 
Diluted  21,134   22,234   21,886   21,900 

 

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

  (Unaudited)    
  September 30
2022
  December 31
2021
 
CURRENT ASSETS        
Cash & cash equivalents $10,726  $4,472 
Accounts receivable - net of reserves of $183 and $196, respectively  4,329   2,407 
Inventories - net of reserves of $686 and $681, respectively  5,685   5,088 
Prepaid expenses and other current assets  2,196   1,689 
Current assets of discontinued operations  -   6,869 
TOTAL CURRENT ASSETS  22,936   20,525 
         
PROPERTY PLANT AND EQUIPMENT - NET  1,162   1,110 
         
OTHER ASSETS        
Goodwill  9,405   10,108 
Acquired intangible assets, net  3,070   3,661 
Deferred income taxes  2,412   5,580 
Right of use assets  724   1,146 
Other assets  253   284 
Non current assets of discontinued operations  -   1,937 
TOTAL OTHER ASSETS  15,864   22,716 
         
TOTAL ASSETS $39,962  $44,351 
         
CURRENT LIABILITIES        
Short term debt $-  $126 
Accounts payable  1,527   1,481 
Short term leases  369   585 
Accrued expenses and other current liabilities  4,307   6,676 
Deferred revenue  92   408 
Current liabilities of discontinued operations  -   1,965 
TOTAL CURRENT LIABILITIES  6,295   11,241 
         
LONG TERM LIABILITIES        
Long term debt  -   3,595 
Long term leases  397   615 
Other long term liabilities  30   52 
Deferred tax liability  189   228 
TOTAL LONG TERM LIABILITIES  616   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
36,535,636 and 35,915,636 shares issued, 21,570,439 and 22,666,072 shares outstanding
  366   359 
Additional paid in capital  52,635   51,555 
Retained earnings  7,210   554 
Treasury stock at cost, 14,965,197 and 13,249,564 shares  (27,170)  (24,619)
Accumulated other comprehensive income  10   771 
TOTAL SHAREHOLDERS' EQUITY  33,051   28,620 
         
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $39,962  $44,351 

 

CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)

  For the Nine Months 
  Ended September 30 
  2022  2021 
CASH FLOWS PROVIDED/(USED) BY OPERATING ACTIVITIES        
Net income $6,658  $1,116 
Adjustments to reconcile net loss to net cash provided/(used) by operating activities:        
Depreciation and amortization  1,081   1,604 
Extinguishment of PPP loan  -   (2,045)
Loss on extinguishment of term debt  792   - 
Gain on sale of Microlab  (16,490)  - 
Amortization of debt issuance fees  55   217 
Share-based compensation expense  950   302 
Deferred rent  (22)  (22)
Deferred income taxes  3,169   (387)
Provision for doubtful accounts  (13)  72 
Inventory reserves  35   115 
Changes in assets and liabilities, net of divestiture:        
Accounts receivable  (2,052)  (1,998)
Inventories  (960)  (993)
Prepaid expenses and other assets  (88)  459 
Accounts payable  506   728 
Deferred revenue  (285)  (225)
Accrued expenses and other liabilities  (1,034)  1,592 
Net cash provided/(used) by operating activities  (7,698)  535 
         
CASH FLOWS PROVIDED/(USED) BY INVESTING ACTIVITIES        
Capital expenditures  (582)  (417)
Deferred purchase price payment  (250)  (200)
Divestiture of Microlab, net  22,969   - 
Net cash provided/(used) by investing activities  22,137   (617)
         
CASH FLOWS USED BY FINANCING ACTIVITIES        
Revolver borrowings/(repayments), net  -   45 
Term loan borrowings  -   345 
Term loan repayments  (4,422)  (4,191)
Acquisition of treasury stock  (2,525)  - 
Payment of contingent consideration  (1,097)  (460)
Proceeds from exercise of stock options  137   209 
Shares withheld for employee taxes  (26)  (44)
ATM share sold  -   565 
Net cash used by financing activities  (7,933)  (3,531)
         
Effect of Exchange Rate Changes on Cash and Cash Equivalents  (252)  (14)
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS  6,254   (3,627)
         
Cash and Cash Equivalents, at Beginning of Period  4,472   4,910 
         
CASH AND CASH EQUIVALENTS, AT END OF PERIOD $10,726  $1,283 
         
SUPPLEMENTAL INFORMATION:        
Cash paid during the period for interest $122  $698 
Cash paid during the period for income taxes $957  $150 

 

NET REVENUE AND GROSS PROFIT BY SEGMENT
(In thousands)
Unaudited
  

  Three months ended September 30 
  Revenue  % of Revenue  Change 
  2022  2021  2022  2021  Amount  Pct. 
Test and measurement  4,080   5,931   76.5%  80.4%  (1,851)  -31.2%
Radio, baseband, software  1,250   1,445   23.5%  19.6%  (195)  -13.5%
Total net revenues $5,330  $7,376   100.0%  100.0% $(2,046)  -27.7%

 

  Three months ended September 30 
  Gross Profit  Gross Profit %  Change 
  2022  2021  2022  2021  Amount  Pct. 
Test and measurement  2,132   3,367   52.3%  56.8%  (1,235)  -36.7%
Radio, baseband, software  526   675   42.1%  46.7%  (149)  -22.1%
Total gross profit $2,658  $4,042   49.9%  54.8% $(1,384)  -34.2%

 

  Nine months ended September 30 
  Revenue  % of Revenue  Change 
  2022  2021  2022  2021  Amount  Pct. 
Test and measurement  15,628   16,779   82.3%  71.9%  (1,151)  -6.9%
Radio, baseband, software  3,366   6,569   17.7%  28.1%  (3,203)  -48.8%
Total net revenues $18,994  $23,348   100.0%  100.0% $(4,354)  -18.6%

 

  Nine months ended September 30 
  Gross Profit  Gross Profit %  Change 
  2022  2021  2022  2021  Amount  Pct. 
Test and measurement  8,811   9,690   56.4%  57.8%  (879)  -9.1%
Radio, baseband, software  1,617   3,584   48.0%  54.6%  (1,967)  -54.9%
Total gross profit $10,428  $13,274   54.9%  56.9% $(2,846)  -21.4%

 

SEGMENT FINANCIAL STATEMENTS
(In thousands, unaudited)

  Three months ended  Three months ended  Nine months ended  Nine months ended 
  September 30, 2022  September 30, 2021  September 30, 2022  September 30, 2021 
  T&M  RBS  Total  T&M  RBS  Total  T&M  RBS  Total  T&M  RBS  Total 
Net revenues $4,080  $1,250  $5,330  $5,931  $1,445  $7,376  $15,628  $3,366  $18,994  $16,779  $6,569  $23,348 
Cost of revenues  1,948   724   2,672   2,564   770   3,334   6,817   1,749   8,566   7,089   2,985   10,074 
Gross profit  2,132   526   2,658   3,367   675   4,042   8,811   1,617   10,428   9,690   3,584   13,274 
                                                 
Operating expenses  1,787   1,418   3,205   1,858   1,684   3,542   5,645   4,456   10,101   5,338   5,307   10,645 
                                                 
Segment profitability  345   (892)  (547)  1,509   (1,009)  500   3,166   (2,839)  327   4,352   (1,723)  2,629 
                                                 
                                                 
Corporate expenses          2,034           2,610           6,040           5,884 
Operating loss          (2,581)          (2,110)          (5,713)          (3,255)
                                                 
Other income/(expense)          (46)          20           (705)          2,074 
Interest expense          18           (365)          (159)          (947)
                                                 
Income/(loss) before taxes          (2,609)          (2,455)          (6,577)          (2,128)
                                                 
Tax provision/(benefit)          (341)          (1,255)          (1,540)          (1,390)
Net income/(loss) from continuing operations          (2,268)          (1,200)          (5,037)          (738)
                                                 
Net income from discontinued operations, net of tax          87           1,013           11,695           1,854 
Net income/(loss)         $(2,181)         $(187)         $6,658          $1,116 
                                                 
                                                 
Depreciation and Amortization $260  $70  $330  $225  $249  $474  $794  $287  $1,081  $676  $742  $1,418 


RECONCILIATION OF NON GAAP MEASURES
(In thousands, unaudited)
 

  Three Months Ended  Nine Months Ended 
  September 30  September 30 
  Unaudited  Unaudited 
  2022  2021  2022  2021 
Net Income/(loss) from continuing operations $(2,268) $(1,200) $(5,037) $(738)
Tax Benefit  (341)  (1,255)  (1,540)  (1,390)
Depreciation and amortization expense  330   476   1,081   1,418 
Interest (income)/expense  (18)  365   159   947 
Non-GAAP EBITDA  (2,297)  (1,614)  (5,337)  237 
Stock compensation expense  300   98   950   301 
Divestiture and strategic initiative expenses  388   44   1,131   114 
Restructuring Costs  -   -   -   36 
Change in Fair Value of Contingent Consideration  -   1,000   -   1,000 
FX (Gain)/Loss  135   (14)  145   (19)
PPP Loan Forgiveness  -   -   -   (2,045)
Loss on Extinguishment of Debt  -   -   792   - 
Non recurring HR costs  100   -   100   - 
Non Recurring Arbitration Legal Costs  -   -   -   4 
Non-GAAP Adjusted EBITDA $(1,374) $(486) $(2,219) $(371)
                 
GAAP Operating Income/(Loss), as reported $(2,581) $(2,110) $(5,713) $(3,255)
                 
Adjustments:                
Amortization of acquired intangible assets  143   329   521   990 
Divestiture and strategic initiative expenses  388   44   1,131   114 
Stock Compensation Expense  300   98   950   302 
Restructuring costs and contingent consideration  -   1,000   -   1,025 
                 
Total Adjustments to operating income/(loss)  831   1,471   2,602   2,431 
                 
Non-GAAP Adjusted Operating Income/(Loss) $(1,750) $(639) $(3,111) $(824)
                 
Net Income/(loss) from continuing operations, as reported $(2,268) $(1,200) $(5,037) $(738)
                 
Adjustments:                
Total pretax adjustments to operating income/(loss)  831   1,471   2,602   2,431 
Loss/(Gain) on Extinguishment of Debt  -   -   792   (2,045)
Total Adjustments to Net loss from continuing operations  831   1,471   3,394   386 
Tax effects of adjustments  244   516   995   135 
                 
Non-GAAP Adjusted Net Income/(loss) from continuing operations $(1,681) $(245) $(2,638) $(487)
                 
Basic EPS, as reported $(0.11) $(0.05) $(0.23) $(0.03)
Diluted EPS, as reported $(0.11) $(0.05) $(0.23) $(0.03)
                 
Non-GAAP Adjusted Basic EPS $(0.08) $(0.01) $(0.12) $(0.02)
Non-GAAP Adjusted Diluted EPS $(0.08) $(0.01) $(0.12) $(0.02)
                 
Basic Shares  21,134   22,234   21,886   21,900 
Diluted Shares  21,134   22,234   21,886   21,900 

 


FAQ

What were the Q3 2022 earnings for Wireless Telecom Group (WTT)?

For Q3 2022, Wireless Telecom Group reported net revenues of $5.3 million, down 27.7% from last year.

How did the backlog change for WTT in Q3 2022?

The backlog for Wireless Telecom Group increased to $12.8 million in Q3 2022, doubling from $6.4 million at the end of June 2022.

What was the net loss for WTT in the third quarter of 2022?

Wireless Telecom Group reported a net loss of $2.3 million from continuing operations in Q3 2022.

What significant contracts did WTT secure in Q3 2022?

In Q3 2022, WTT secured new customer contracts totaling $13 million.

What was the gross profit margin for WTT in Q3 2022?

The gross profit margin for Wireless Telecom Group in Q3 2022 was 49.9%, down from 54.8% in the prior year.

Wireless Telecom Group, Inc.

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