Business
Wi2Wi Corporation Announces Third Quarter Earnings
Company Maintains Operational Capacity Amid Pandemic Wi2Wi Prepares to Meet Anticip...
About this update from Wi2wi Corp.
[{"type":"text","content":"Wi2Wi Corporation Announces Third Quarter EarningsCompany Maintains Operational Capacity Amid PandemicWi2Wi 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 HighlightsIn 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 Revenue $ 1,515 $ 2,611 Net income (473) 183 Net cash provided by (used in) operations (273) 140 Total assets 11,571 8,804 C...