Business
Wi2Wi Corporation Announces Three months ending June 30, 2023 (Unaudited)
Mr. Zachariah Mathews announces transition from the Company. TORONTO, ON / ACCESSWIRE / Augus...
About this update from Wi2wi Corp.
[{"type":"text","content":"Wi2Wi Corporation Announces Three months ending June 30, 2023 (Unaudited)Mr. Zachariah Mathews announces transition from the Company.TORONTO, ON / ACCESSWIRE / August 25, 2023 / Wi2Wi Corporation (TSXV:YTY), recently honoured with the \"Outstanding Supplier Recognition Award\" by industry giant Collins Aerospace, is delighted to share its unaudited consolidated financial results for the second quarter of 2023, ending June 30. Notably, the company's product bookings have shown a positive trajectory, growing in comparison to the same period in the previous year.Key Financial Highlights:Wi2Wi reported revenue of $1.56 million for the second quarter of 2023, mirroring the revenue for the same period of the previous year.The upswing in the book-to-billing ratio showcases the company's growth in its core customer segment and new clientele.Despite the promising growth, Wi2Wi acknowledges margin pressures from rising raw material costs and heightened freight charges.Leadership Transition: In light of personal obligations, Mr. Zachariah Mathews will resign as Chief Executive Officer, President, and member of the board of directors effective December 31, 2023.The Chairman of the Board, Mr. Gary Dubroc, will play an instrumental role in ensuring a smooth transition until a successor is appointed. Having held the Chairman position since November 21, 2018, Mr. Dubroc has also chaired the board of directors and the audit committee.With over 25 years in the field, Mr. Dubroc's credentials include:Former CEO of Avantech Testing Services, Houston, Texas.Ex-Vice President of Global Operations at Emerson Process Management.Previous roles at GHX, Inc., Tyco's Flow Control, and General Dynamics Space Systems.An MBA with a focus on Finance from Tulane University and a Bachelor's in Industrial Engineering from Louisiana State University.Mr. Mathews, in his departure, will not sever ties but continue to extend his support to the company. Mr. Dubroc and the board of directors extend heartfelt gratitude to Mr. Mathews for his invaluable contribution to Wi2Wi.3 Months ending June 30, 2023, Overview (Unaudited)(In thousands of U.S. dollars) Quarter 2, 2023 Quarter 2, 2022 Revenue $1,560 $1,561 Net income (425) (426) Net Cash Provided by (Used in) Operations (137) (146) Total current assets 5,368 5,951 Cash on hand 973 1,812 Total current liabilities 1,524 ...