Company Focused on Top-Line Growth and Business Efficiencies
TORONTO, ON / ACCESSWIRE / May 10, 2024 / Wi2Wi Corporation (Wi2Wi) today announced its unaudited financial results for the first quarter ended March 31, 2024. The company reported revenues of $1.508 million, showing similar revenue performance vs Quarter 4 2023, but showing a revenue decrease vs Quarter 1 2023.
Key Financial Highlights
Wi2Wi has a top priority to deliver significant improvement in revenue growth by rebuilding its network of manufacturing reps and distribution partners for the frequency control business. In addition more sales reps will be added to the direct sales team. During Quarter 1 Wi2Wi made progress in consolidating more of its operations to the Middleton, WI location in order to reduce cost and gain efficiency.
Ted Clark, the newly appointed CEO stated, "By expanding our sales footprint, we believe that we have an excellent opportunity to generate additional business within our current tier 1 customer base as well as drive new business in a number of related industry/government sectors. We will do this while relentlessly focusing on cost reduction and flawless execution throughout all of our business functions."
With a company culture built on quality and customer satisfaction, Wi2Wi continues to focus on delivering outstanding products and services, fostering strong customer relationships, and achieving operational excellence. With a clear strategic vision and a renewed focus on delivering top-line growth, Wi2Wi is well-positioned to accelerate business improvement.
3 Months ending March 31, 2024 Overview (Unaudited)
(In thousands of U.S. dollars) | Quarter 1 2024 | Quarter 1 2023 | ||||||
Revenue | $ 1,508 | $ 1,840 | ||||||
Net income (loss) | (362 | ) | (233 | ) | ||||
Net cash provided by (used in) operations | (145 | ) | (119 | ) | ||||
Total assets | 7,031 | 8,518 | ||||||
Cash on hand | 636 | 1,273 | ||||||
Total current liabilities | 1,399 | 1,217 | ||||||
Shareholders' equity | 3,615 | 5,047 | ||||||
Detailed and historical financial information is available here.
Investor & Media Contact
Ted Clark, Chief Executive Office
+1-469-545-3423
ted_c@wi2wi.com
About Wi2Wi Corporation
Wi2Wi is a specialized electronic component supplier with expertise in all aspects of frequency control devices as well as in wireless technologies. Wi2Wi's Precision Devices brand of products has earned a premier spot in numerous key markets including avionics, aerospace, industrial equipment, government, and the US military. Wi2Wi's frequency control products are best-in-class and of the highest quality.
Founded in 2005, Wi2Wi's headquarters, design center and state-of-the-art manufacturing facility are located in the heart of America's industrial belt in Middleton, WI. Wi2Wi can deliver specific solutions using its in-house design and manufacturing expertise, as well as leveraging many tier-1 global partnerships with numerous industry leading silicon and wireless technology suppliers.
Wi2Wi has partnered with best-in-class sales leaders. 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 all of which augment a US-based direct sales team.
Wi2Wi is extremely proud to serve hundreds of the world's top companies with its made-in-America products.
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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