Airbeam Wireless Technologies Inc.
Airbeam Wireless Announces Strong First Month Revenues
Wednesday, April 24, 2019 4:40 PM
Release of better-than-projected earnings and aggressive sales growth follows recent technology acquisition from leading U.S. semiconductor manufacturer
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VANCOUVER, BC / ACCESSWIRE / April 24, 2019 / Airbeam Wireless Technologies Inc. ("Airbeam") (airbeamtech.com), a new wireless semiconductor company working to unlock a global opportunity in Smart City infrastructure and 5G rollout, today provided selected financial results for its first full month of operations since the acquisition of its next-generation 60Ghz products, including WiGig and WiHD (collectively, the "Airbeam Products").
Airbeam had sales of C$2.15M in March and April 2019. Prior to Airbeam's acquisition, the business line generated an estimated C$2.68M over the previous 12-months.
- Over C$2 million in revenues since March 2019 acquisition.
- Sales include both modules and chipsets.
- Global sales, including clients serviced in North America, Asia and Europe.
- Contract manufacturer relationships and associated manufacturing infrastructure in place to build on this success moving forward.
- Revenue includes client backlog related to closing asset sale.
- Airbeam's cost of goods sold and operating expenses for March and April were C$948,031.30.*
Airbeam's aggressive growth follows the recent acquisition of the Airbeam Products from a major U.S. semiconductor manufacturer. The acquisition included an inventory of sale-ready chipsets which were used to complete April sales orders. Future sales will be derived from the manufacture of new modules and chipsets, which is well underway, as well as remaining inventory on-hand.
"We had a clear roadmap in place for this technology since day one, so we're excited to hit the ground running with sales across the globe," said Mr. Yan Zhang, an Airbeam Director. "Our April sales results outstrip anything this cutting-edge 5G-focused wireless technology experienced before our purchase, our customers now have clarity about growth in the product line and are responding showing the untapped potential and the opportunity for aggressive growth for Airbeam moving forward."
The Airbeam Products open up a global opportunity in 5G and IoT (Internet of Things) that are expected to form the building blocks of Smart City infrastructure. 5G, the next generation of cellular mobile communications, promises data speeds many times faster than the current 4G system, and could lead to higher capacity and much greater device connectivity. The Smart City initiative uses information and communication technologies to improve transportation, safety, energy use, as well as other infrastructure issues, for a better quality of life and greater competitiveness. We believe that Our Airbeam Products could act as critical components which connect 5G micro base stations with the backbone wirelessly.
*Reported amounts are based on unaudited financial information of Airbeam. Recent results are not necessarily indicative of future sales or operating results.
AirBeam is a new company that is looking to unlock a worldwide opportunity in Smart Cities and 5G rollout. Based off a production-ready modular chip design, AirBeam is a next generation wireless solution that is primed to take advantage of existing and emerging high speed data markets.
For further information, please contact:
Yan Zhang, Director
This news release contains forward-looking information based on Airbeam's expectations, estimates and projections. All statements that address expectations or projections about the future, including without limitation, statements regarding the business of Airbeam and the economic environment in which it operates, statements regarding revenue, growth, costs and markets, the potential for a new generation of wireless network technologies, the implementation of new applications and the development of new technologies and products, constitute forward-looking information. These statements are not a guarantee of future performance and involve a number of risks, uncertainties and assumptions, including without limitation, that Airbeam may experience unforeseen delays, financing difficulties or costs that will impact its operations, financial performance or liquidity, that Airbeam will not be able to advance its business plan or continue operations, risks relating to market acceptance and demand for new and existing products, and technological and product development risks. Although Airbeam has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Airbeam is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
No regulatory body or stock exchange has passed upon the adequacy or accuracy of this release.
SOURCE: Airbeam Wireless Technologies Inc.