Wi2Wi Corporation Reports 9% Revenue Growth in Third Quarter Earnings
TORONTO, ON / November 11, 2019 / Wi2Wi Corporation today announced its unaudited consolidated financial results for the quarter ending September 30, 2019. The company continues executing on its FY19 priorities while positioning itself for sustainable and diversified growth.
Key Financial Highlights
In Q3 FY19, Wi2Wi generated $2.611 million in revenue, an 9% increase over Q3 FY18 revenue of $2.396 million, while gross profit increased by $87,000. Catalyzed by a growth in the avionics industry and government sector, the company’s net income rose substantially from $7,000 over the same period last year to $183,000.
Wi2Wi’s Q3 earnings marks the 14th consecutive quarter of profitability.
Wi2Wi continues to generate positive cash flow, operate debt-free and fund operations through the income it generates. As a result of the company’s disciplined strategy, cash on hand has increased by $337,000 from Q2 FY19. In the first nine months of 2019, revenue and gross profit increased by 10% and 12%, respectively, and net profit grew to $322,000 from $21,000 over the same period of 2018.
Zachariah Mathews, President and CEO of Wi2Wi said: “Wi2Wi is successfully executing on the fundamentals of our business and positioned for the long term. This quarter, we continued increasing Wi2Wi’s customer base across the board – proof positive that our products are gaining traction. Building on this momentum through an investment in R&D and increased cash reserves, we are well positioned to diversify future business and continue building shareholder value.”
Q3 FY19 Financial Overview (Unaudited)
Detailed and historical financial information is available here.
View visual detailing Wi2Wi’s Q3 FY19 results 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.
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