Q2 FY21 Marks Return to Profitability as Key Global Customers Embark on Reopening
TORONTO, ON / ACCESSWIRE / August 16, 2021 / Wi2Wi Corporation today announced its unaudited consolidated financial results for the quarter ending June 30, 2021. As key global customers plan to resume operations, the company is positioned to meet customer needs.
Key Financial Highlights
In Q2 FY21, customer demand rose as key customers in the avionics, industrial and government sectors that were impacted by industry-related shutdowns moved forward with plans to resume operations.
This quarter, Wi2Wi generated $1.619 million in revenue, a 7% increase over Q1 FY21. Gross profit increased 163% from Q1 FY21, from $177,000 to $465,000. Wi2Wi maintained a cash balance of $2.517 million. The company's effective cash management led to an overall increase in cash from $2.26 million in Q1 FY21 to $2.51 million in Q2 FY21.
"In Q2 FY21, we began to see an uptick in demand as key customers coming back online," said Zachariah Mathews, President and CEO of Wi2Wi. "We are optimistic about the trends we have seen this quarter and anticipate that demand may continue to rise as more key customers began coming back online. Moving forward, we will keep prioritizing the needs of our customers, delivering the quality standards that have long distinguished Wi2Wi as a premier strategic partner."
Q2 FY21 Financial Overview (Unaudited)
(In thousands of U.S. dollars) | 3 Months ending June 30, 2021 | 3 Months ending March 31, 2021 | ||||||
Revenue | $ | 1,619 | $ | 1,513 | ||||
Net income | (2 | ) | (352 | ) | ||||
Net cash provided by (used in) operations | 383 | (42 | ) | |||||
Total assets | 11,261 | 11,280 | ||||||
Cash on hand | 2,517 | 2,263 | ||||||
Total current liabilities | 1,712 | 1,618 | ||||||
Shareholders' equity | 6,365 | 6,356 | ||||||
Detailed and historical financial information is available here.
Investor & Media Contact
Dawn Leeder, Chief Financial Officer
+1-608-203-0234
[email protected]
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 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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SOURCE: Wi2Wi Corporation