Company Maintains Operational Capacity Amid Pandemic
Wi2Wi Prepares to Meet Anticipated Rise in Product Demands
TORONTO, ON / ACCESSWIRE / November 20, 2020 / Wi2Wi Corporation today announced its unaudited consolidated financial results for the quarter ending September 30, 2020. The company maintained operational amid the ongoing pandemic and is prepared to fulfill customer orders as organizations come back online.
Key Financial Highlights
In Q3 FY20, Wi2Wi remained operational and continued to prioritize employee health and wellbeing. The company has upheld the safety measures put in place earlier this year and effectively prevented any large-scale outbreaks within the workforce.
Wi2Wi generated $1.515 million in revenue and a gross profit of $59,000. Total assets increased 31% over Q3 FY19, from $8.804 million in Q3 FY19 to $11.571 million in Q3 FY20. Wi2Wi maintained a healthy cash balance of $2.091 million. The company continues to operate debt-free and fund operations through the income it generates.
While Wi2Wi is working diligently to ensure both the workforce and inventory can accommodate any increases in demand as organizations come back online, the company's key customers in the avionics, space, and government industries slowed or paused operations in Q3. As a result of the ongoing shut down, the company incurred a loss of $473,000 over Q3 FY20. Moving towards FY21, the company plans to restructure the workforce to best optimize cash flow.
The Company will be issuing 1.3 million options to the Board of Directors at the closing price on November 20, 2020. Half of the options will be vested immediately, and the rest will be vested on May 20, 2021.
Zachariah Mathews, President and CEO of Wi2Wi said: "Wi2Wi is focused on preparing for the future - ensuring we have the capacity to continue meeting and exceeding the quality standards that make Wi2Wi a premier partner to our customers. We stand at the ready for customers to fully resume operations and initiate orders and continue to prioritize the safety of our employees."
Q3 FY20 Financial Overview (Unaudited)
(In thousands of U.S. dollars)
|3 Months ending September 30, 2020||3 Months ending September 30, 2019|
Net cash provided by (used in) operations
Cash on hand
Total current liabilities
Investor & Media Contact
Dawn Leeder, Chief Financial Officer
About Wi2Wi Corporation
Wi2Wi enables customers to substantially reduce their wireless R&D expenses and time to market. Wi2Wi designs, manufactures and markets deeply integrated, end-to-end wireless connectivity solutions as well as customizable, high-performance timing and frequency control devices. Wi2Wi provides real time technical support throughout the entire product life cycle for customers across the Internet of Things (IoT), Industrial Internet of Things (IIoT), Avionics, Space, Industrial, Medical and Government sectors.
Wi2Wi was founded in 2005 and is strategically headquartered in San Jose, California with satellite offices in Middleton, Wisconsin and Hyderabad, India. Wi2Wi's manufacturing operations, its laboratory for reliability and quality control, together with design and engineering for timing and frequency control devices are located in Middleton, Wisconsin. The branch office, located in Hyderabad, India, focuses on developing end to end wireless connectivity subsystems and solutions.
Wi2Wi has partnered with best-in-class global leaders in technology, manufacturing and sales. The company uses a global network of manufacturer's representatives to promote its products and services, and has partnered with world class distributors for the fulfillment of orders along with direct sales.
Forward-Looking Statements: This news release contains certain forward-looking statements, including management's assessment of future plans and operations, and the timing thereof, that involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control. Such risks and uncertainties include, without limitation, risks associated with the ability to access sufficient capital, the impact of general economic conditions in Canada, the United States and overseas, industry conditions, stock market volatility. The Company's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, including the amount of proceeds, that the Company will derive there from. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect the Company's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com). Forward-looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made and the Company undertakes no obligation to update forward-looking statements and if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law. All subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward- looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Wi2Wi Corporation