The Company Posts 16% Revenue Growth compared to the same period of the previous year
The Company received Outstanding Supplier Recognition Award from Collins Aeorospace
TORONTO, 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 Highlights
In 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|
Net Cash Provided by (Used in) Operations
Cash on hand
Total current liabilities
Detailed and historical financial information is available here.
Investor & Media Contact
Dawn Leeder, Chief Financial Officer
About Wi2Wi Corporation
Wi2Wi 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 devices. Wi2Wi provides real-time technical support throughout the entire product life cycle for customers across the Internet of Things (IoT), Industrial Internet of Things (IIoT), Avionics, Space, Industrial, Medical, and Government sectors.
Wi2Wi was founded in 2005 and is strategically headquartered in San Jose, California with satellite offices in Middleton, Wisconsin and Hyderabad, India. Wi2Wi's manufacturing operations, its laboratory for reliability and quality control, together with design and engineering for timing and frequency control devices are located in Middleton, Wisconsin. The branch office, located in Hyderabad, India, focuses on developing end to end wireless connectivity subsystems and solutions.
Wi2Wi has partnered with best-in-class global leaders in technology, manufacturing and sales. The company uses a global network of manufacturer's representatives to promote its products and services, and has partnered with world class distributors for the fulfillment of orders along with direct sales.
Forward-Looking Statements: This news release contains certain forward-looking statements, including management's assessment of future plans and operations, and the timing thereof, that involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control. Such risks and uncertainties include, without limitation, risks associated with the ability to access sufficient capital, the impact of general economic conditions in Canada, the United States and overseas, industry conditions, stock market volatility. The Company's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, including the amount of proceeds, that the Company will derive there from. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect the Company's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com). Forward-looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made and the Company undertakes no obligation to update forward-looking statements and if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law. All subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward- looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Wi2Wi Corporation