Business
Wi2Wi Corporation Announces 2021 Year End Results
TORONTO, ON / ACCESSWIRE / April 18, 2022 / Wi2Wi Corporation today announced its audited co...
About this update from Wi2wi Corp.
[{"type":"text","content":"Wi2Wi Corporation Announces 2021 Year End ResultsTORONTO, ON / ACCESSWIRE / April 18, 2022 / Wi2Wi Corporation today announced its audited consolidated financial results for the fiscal year ended December 31, 2021.Key Financial HighlightsWi2Wi is executing on the fundamentals of its business by increasing net income and gross profit with positive cash flow for the first time since the COVID-19 global pandemic began.In FY21, Wi2Wi generated $6.453 million in revenue and a gross profit of $1.279 million. The company successfully concluded a workforce balancing initiative in FY21, resulting in a reduction of top-line expenses of $0.644 million over the previous fiscal year.\"We once again prevailed in a challenging environment - controlling spending and effectively utilizing cash for operations with a special focus on innovation and customer success.\" said Zachariah Mathews, President and CEO of Wi2Wi. \"Together with a normalization in Wi2Wi's market order flow, we are actively identifying, seeking, and capturing future opportunities to drive growth. We believe that for Wi2Wi and the company's broadly applicable portfolio of innovative assets, the best is truly yet to come.\"FY21 Financial Overview(In thousands of U.S. dollars) 12 Months ending December 31, 2021 12 Months ending December 31, 2020 Revenue $6,453 $6,928 Net income (204) (588)Net cash provided by (used in) operations 504 (674)Cash and restricted cash 2,383 1,739 Total assets 10,600 11,033 Total current liabilities 1,240 1,055 Shareholders' equity 6,515 6,698 Q4 FY21 Financial Overview(In thousands of U.S. dollars) 3 Months ending December 31, 2021 3 Months ending December 31, 2020 Revenue $1,670 $1,414 Net income 142 127 Detailed and historical financial information is available here.Investor & Media ContactDawn Leeder, Chief Financial [email protected] Wi2Wi CorporationWi2Wi 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, Ind...