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Wi2Wi Corporation Announces First Quarter Financial Results
Wi2Wi Redoubles Agile Go-To-Market Operation, Increases Revenue 5% YoY TORONTO, ON / ACC...
About this update from Wi2wi Corp.
[{"type":"text","content":"Wi2Wi Corporation Announces First Quarter Financial ResultsWi2Wi Redoubles Agile Go-To-Market Operation, Increases Revenue 5% YoYTORONTO, ON / ACCESSWIRE / May 17, 2022 / Wi2Wi Corporation today announced its unaudited consolidated financial results for the quarter ending March 31, 2022. The company continues to execute on the fundamentals of its operations while advancing solutions for global customers.Key Financial HighlightsIn Q1 FY22, Wi2Wi redoubled the company's agile go-to-market operation that is positioned to efficiently engage with global customers in the post-pandemic environment - including those in avionics, IIoT and healthcare. As a result, the company increased revenue by 5% year-over-year to $1.592 million.This quarter, gross profit decreased from $177,000 in Q1 FY21 to $160,000. The company's effective cash management that has defined its sustainability remains; Wi2Wi has $2.123 million in cash on hand.\"To put it bluntly: We are customer-obsessed,\" said Zachariah Mathews, President and CEO of Wi2Wi. \"Delivering the next generation of solutions to our partners depends on our ability to proactive solve their challenges - and today, we're listening more than we ever have. Together with a focus on rigorous R&D that invests in future technology, we believe the best is yet to come.\"Q1 FY22 Financial Overview (Unaudited)(In thousands of U.S. dollars) 3 Months ending March 31, 2022 3 Months ending March 31, 2021 Revenue $1,592 $1,513 Net income (371) (352)Net cash provided by (used in) operations (100) (42)Total assets 10,161 11,280 Cash on hand 2,123 2,263 Total current liabilities 1,301 1,618 Shareholders' equity 6,144 6,356 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, Industrial, Medical and Government sectors.W...