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Wi2Wi Corporation Announces Full Year 2022 Financial Results
Company Posts YoY Revenue Growth Despite Continued Tech Sector Contraction Customer Base Gre...
About this update from Wi2wi Corp.
[{"type":"text","content":"Wi2Wi Corporation Announces Full Year 2022 Financial ResultsCompany Posts YoY Revenue Growth Despite Continued Tech Sector ContractionCustomer Base Grew Throughout the Year as Existing Partners Renewed with. Several New Top Tier Partners WinsTORONTO, ON / ACCESSWIRE / April 20, 2023 / Wi2Wi Corporation today announced its audited consolidated financial results for the full year ending December 31, 2022. Despite continued supply chain disruptions and price increases due to inflation, the company posted year-over-year revenue growth with additional customers in the pipeline to onboard in 2023.Key Financial HighlightsIn FY2022, Wi2Wi generated $6.9 million in revenue, up from $6.4 million the previous year. The company retained its core customer base with orders initiated in the second half of the previous year from existing and new customers expected to close in the second half of 2023.The company saw a decrease in margin primarily related to increases in raw material costs, freight charges, and product mix. The company expects margin pressure to ease as inflation cools, supply chain disruptions ease, and revenue from orders in the pipeline is booked.\"While we are still feeling the impacts of COVID and the contraction in the tech sector, we are pleased to have turned the tide in our revenue, retained our customer base, and are on a path for a strong 2023,\" said Zachariah Mathews, Chief Executive Officer of Wi2Wi. \"As the strong headwinds facing our industry continue to ease, we believe we are in a strong position to drive growth across our business by delivering outstanding products and services to our long-standing and new customers.\"Full Year 2022 Financial Overview (Audited)(In thousands of U.S. dollars) Full Year 2022 Full Year 2021 Revenue $6.857 $6,453 Net income (1,236) (204)Net cash provided by (used in) operations (305) 504 Total assets 9,003 10,600 Cash on hand 1,522 2,383 Total current liabilities 1,360 1,240 Shareholders` equity 5,280 6,515 Q4 FY22 Financial Overview (In thousands of U.S. dollars) 3 Months EndingDecember 31, 2022 3 Months EndingDecember 31, 2021 Revenue $1,684 $1,670 Income/Loss from Operations (316) (370)Detailed and historical financial information is available here.Investor & Media ContactDawn Leeder, Chief Financial [email protected] Wi2Wi CorporationWi2Wi enables ...