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Wi2Wi Corporation Reports Third Quarter 2023 Financial Results Amidst Market Headwinds and Prepares for New Leadership
(Unaudited) TORONTO, ON / ACCESSWIRE / November 17, 2023 / Wi2Wi Corporation (Wi2Wi) today a...
About this update from Wi2wi Corp.
[{"type":"text","content":"Wi2Wi Corporation Reports Third Quarter 2023 Financial Results Amidst Market Headwinds and Prepares for New Leadership(Unaudited)TORONTO, ON / ACCESSWIRE / November 17, 2023 / Wi2Wi Corporation (Wi2Wi) today announced its unaudited financial results for the third quarter ended September 30, 2023. The company reported revenues of $1.42 million, reflecting a strategic realignment in the face of global supply chain challenges and delayed customer orders, which are expected to resume to normal levels in the coming months.\"While we encountered headwinds this quarter, with revenues impacted by broader market forces, we are encouraged by our positive cash flow and the strategic adjustments we've enacted,\" said Mr. Gary DuBroc, Chairman of the Board. \"Our financial stability is underscored by our solid cash position and shareholders' equity, and we are on track with the planned transition to new leadership.\"Key Financial Highlights:Revenue for Q3 2023 reported at $1.42 million, with external factors influencing a temporary deferment in customer orders.Bookings remained on target, signaling sustained demand for Wi2Wi's high-quality frequency oscillators.Positive cash flow achieved in Q3 2023 is a notable improvement over the prior year's negative cash flow.The Company is actively managing margin pressures due to increased raw material costs and freight charges.\"The delayed orders, which have affected our quarterly revenue, are expected to be a temporary situation,\" Mr. DuBroc added. \"Our key customers have assured us of the transitory nature of these delays and anticipate a return to normal order levels shortly. As we finalize the appointment of new leadership, Wi2Wi remains steadfast in its commitment to operational excellence and financial discipline.\"3 Months ending September 30, 2023, Overview (Unaudited)(In thousands of U.S. dollars) Quarter 3, 2023 Quarter 3, 2022 Revenue $1,421 $2,020 Net income (355) (286)Net Cash Provided by (Used in) Operations 183 (154)Total current assets 4,774 5,951 Cash on hand 1,012 1,517 Total current liabilities 1,222 1,522 Shareholders' equity 4,280 5,432 Wi2Wi is navigating through the economic turbulence with a clear focus on enhancing value for shareholders and ensuring the delivery of top-tier products to our customers. The upcoming finalization of new leadership marks the beginning of a new...