Business
Wi2Wi Corporation Announces Third Quarter Financial Results
Wi2Wi Generates Book-to-Bill Ratio of 1.1 with Aggressively Efficient Operating Posture ...
About this update from Wi2wi Corp.
[{"type":"text","content":"Wi2Wi Corporation Announces Third Quarter Financial ResultsWi2Wi Generates Book-to-Bill Ratio of 1.1 with Aggressively Efficient Operating PostureTORONTO, ON / ACCESSWIRE / November 15, 2022 / Wi2Wi Corporation today announced its unaudited consolidated financial results for the quarter ending September 30, 2022. Despite continued supply chain disruptions and price increases due to inflation, bookings continue to improve month after month as the company invests in new R&D to meet the needs of a dynamic market.Key Financial HighlightsIn Q3 FY22, Wi2Wi generated a book-to-bill ratio of 1.1, demonstrating an aggressively efficient operating posture even with supply chain constraints. The company expects continued improvements as the booking tempo increases in the coming quarter.Revenue increased to $2.02 million in Q3 and Wi2Wi has $1.517 million in cash on hand. While gross profit decreased as the company experienced the effects of a constrained supply chain and global inflation, the company is committed to increasing gross profit in the succeeding period.\"We are living through a historical moment as the market continues to change post-pandemic,\" said Zachariah Mathews, Chief Executive Officer of Wi2Wi. \"As we enter the year's final quarter, we are positioned to build on the momentum experienced at the tail end of Q3. Looking ahead, our confidence is high given the context of the headwinds over the past three years, and our team is motivated more than ever to solving client challenges and delivering the best solutions available.\"Q3 FY22 Financial Overview (Unaudited)(In thousands of U.S. dollars) 3 Months endingSeptember 30, 2022 3 Months endingSeptember 30, 2021 Revenue $2,020 $1,651 Net income (286) 8 Net cash provided by (used in) operations (154) 368 Total assets 9,403 11, 217 Cash on hand 1,517 2,743 Total current liabilities 1,522 1,240 Shareholders' equity 5,432 6,373 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 d...