- Q1 FY20 Marks 16th Consecutive Quarter of Profitability
- Company Committed to Ensuring Safety and Meeting Customer's Needs
TORONTO, ON / ACCESSWIRE / May 19, 2020 / Wi2Wi Corporation today announced its unaudited consolidated financial results for the quarter ending March 31, 2020. The company remained profitable while adapting to meet the needs of key customers amid the COVID-19 pandemic.
Key Financial Highlights
In Q1 FY20, Wi2Wi generated $2.191 million in revenue and a gross profit of $543,000. Total assets increased 36.7% from Q1 FY19, from $9.016 million in Q1 FY19 to $12.328 million in Q1 FY20. Wi2Wi's Q1 earnings marks the 16th consecutive quarter of profitability.
As a part of the Critical Infrastructure Sectors designated by the U.S. Department of Homeland Security, the company has maintained operational capacity during the pandemic and subsequent industry-wide shutdowns. This has enabled Wi2Wi to continue meeting the needs of customers within the avionics, space and military industries. Wi2Wi has also accommodated order rescheduling for customers who themselves are responding to global events, leading to a change in product mix shipped in the first three months of 2020 compared to the same period last year.
As a result of the company's approach to the ongoing pandemic, Wi2Wi continues to generate positive cash flow, operate debt-free and fund operations through the income it generates. Cash on hand has increased by 6.8% from Q1 FY19. Shareholder's equity increased from $6.388 million to $7.251 million, representing a growth of 13.5% in FY20 over the same period in FY19.
Zachariah Mathews, President and CEO of Wi2Wi said: 'Amid the global pandemic, FY20 has presented a challenge to our customers out of the gate. Yet, Wi2Wi remains profitable - a result of our operational excellence and testament to our business resiliency. While the current industry shutdowns have no clear end date, we will continue to act in the best interest of both our employees and customers by taking internal measures to mitigate risk and rescheduling orders as needed.'
Q1 FY20 Financial Overview (Unaudited)
Detailed and historical financial information is available here.
View visual detailing Wi2Wi's Q1 FY20 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.
SOURCE: Wi2Wi Corporation
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