Business
Wi2Wi Corporation Announces Three Months ending March 31, 2023 (Unaudited)
The Company Posts 16% Revenue Growth compared to the same period of the previous year The Co...
About this update from Wi2wi Corp.
[{"type":"text","content":"Wi2Wi Corporation Announces Three Months ending March 31, 2023 (Unaudited)The Company Posts 16% Revenue Growth compared to the same period of the previous yearThe Company received Outstanding Supplier Recognition Award from Collins AeorospaceTORONTO, ON / ACCESSWIRE / May 26, 2023 / Today, Wi2Wi Corporation, the recent recipient of the Outstanding Supplier Recognition Award from industry leader Collins Aerospace, proudly announces its unaudited consolidated financial results for the first quarter of 2023, ending March 31. The company reports substantial revenue growth and confidently projects this positive trend will continues into the second half of the year.Key Financial HighlightsIn Quarter1 2023, Wi2Wi generated $1.840 million in revenue, up from $1.592 million the previous period. The company continues to retain and grow within its core customer base and expanded its products and services to new cusrtomers and markets.The company continues to see margin pressures primarily related to increases in raw material costs and freight charges. The company expects margin pressure to ease as inflation cools, supply chain disruptions ease, and revenue from orders in the pipeline is booked.\"Winning the Outstanding Supplier recognition award from the industry leader Collins Aerospace not only shows the confidence of our customer base in the Company as their trusted critical components supplier partner in such chaotic economy but also indicates the turning around in the market place. Collons present such award from their suppliers base to a few who continusly meet or exceed the desired quality requirements, on time delivery and timely technical support and other parameters\" said Zachariah Mathews, Chief Executive Officer of Wi2Wi. \" As the design in and qualification processes complete by our new customers in the coming months, we expect revenue growth with the existing and new customers as we go into the second half of the year.\"3 Months ending March 31, 2023 Overview (Unaudited)(In thousands of U.S. dollars) Quarter 1, 2023 Quarter 1, 2022 Revenue $1,840 $1,592 Net income (233) (371)Net Cash Provided by (Used in) Operations (119) (100)Total assets 8,518 10,161 Cash on hand 1,273 2,123 Total current liabilities 1,217 1,301 Shareholders??? equity 5,047 6,144 Detailed and historical financial information is available here.Investor &am...