(Unaudited)
TORONTO, ON / ACCESSWIRE / November 17, 2023 / Wi2Wi Corporation (Wi2Wi) today announced its unaudited financial results for the third quarter ended September 30, 2023. The company reported revenues of $1.42 million, reflecting a strategic realignment in the face of global supply chain challenges and delayed customer orders, which are expected to resume to normal levels in the coming months.
"While we encountered headwinds this quarter, with revenues impacted by broader market forces, we are encouraged by our positive cash flow and the strategic adjustments we've enacted," said Mr. Gary DuBroc, Chairman of the Board. "Our financial stability is underscored by our solid cash position and shareholders' equity, and we are on track with the planned transition to new leadership."
Key Financial Highlights:
- Revenue for Q3 2023 reported at $1.42 million, with external factors influencing a temporary deferment in customer orders.
- Bookings remained on target, signaling sustained demand for Wi2Wi's high-quality frequency oscillators.
- Positive cash flow achieved in Q3 2023 is a notable improvement over the prior year's negative cash flow.
- The Company is actively managing margin pressures due to increased raw material costs and freight charges.
"The delayed orders, which have affected our quarterly revenue, are expected to be a temporary situation," Mr. DuBroc added. "Our key customers have assured us of the transitory nature of these delays and anticipate a return to normal order levels shortly. As we finalize the appointment of new leadership, Wi2Wi remains steadfast in its commitment to operational excellence and financial discipline."
3 Months ending September 30, 2023, Overview (Unaudited)
(In thousands of U.S. dollars) | Quarter 3, 2023 | Quarter 3, 2022 | ||||||
Revenue | $ | 1,421 | $ | 2,020 | ||||
Net income | (355 | ) | (286 | ) | ||||
Net Cash Provided by (Used in) Operations | 183 | (154 | ) | |||||
Total current assets | 4,774 | 5,951 | ||||||
Cash on hand | 1,012 | 1,517 | ||||||
Total current liabilities | 1,222 | 1,522 | ||||||
Shareholders' equity | 4,280 | 5,432 | ||||||
Wi2Wi is navigating through the economic turbulence with a clear focus on enhancing value for shareholders and ensuring the delivery of top-tier products to our customers. The upcoming finalization of new leadership marks the beginning of a new chapter, one in which Wi2Wi is poised to harness the growth potential of the burgeoning oscillator market.
Detailed and historical financial information is available here.
Investor & Media Contact
Dawn Leeder, Chief Financial Officer
+1-608-203-0234
[email protected]
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