Wi2Wi Corporation Announces 2019 Year End Results
TSX-V: YTY FY19 Marks Sixth Consecutive Year of Profitability Reports 6.8% Revenue Growth in FY19
TORONTO, ON / April 16, 2020 / Wi2Wi Corporation today announced its audited consolidated financial results for the fiscal year ended December 31, 2019. This marks the sixth consecutive year of profitability and growth for Wi2Wi. The company is positioned for continued success.
Key Financial Highlights
In FY19, Wi2Wi generated $10.369 million in revenue, a 6.8% increase over FY18 revenue of $9.711 million. The gross margin for FY19 was 29%, consistent with FY18, while gross profit increased by $192,000. The company’s robust FY19 growth is a result of strengthening partnerships in high-potential sectors including avionics, medical and government.
“Wi2Wi innovation deployed in previous years experienced uptake in 2019 by key partners – enabling consistent growth across premium markets,” Zachariah Mathews, President and CEO of Wi2Wi said. “We look forward to continuing this momentum into 2020 beginning with prudent navigation of the COVID-19 pandemic. As a part of the Critical Infrastructure Sector designated by the U.S. Department of Homeland Security, we are taking internal measures to mitigate risk to our employees and are committed to maintaining operational capacity to serve critical needs of our customers."
As a result of precision execution of the company’s fundamentals, Wi2Wi was profitable in the twelve months of 2019 and net profit grew to $556,000 from $143,000 over the same period of 2018. Wi2Wi continues to generate positive cash flow, operate debt-free and fund operations through the income it generates.
FY19 Financial Overview (Audited)
Q4 FY19 Financial Overview
Detailed and historical financial information is available here.
View visual detailing Wi2Wi’s 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.
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.