Company Focused on Top-Line Growth and Business Efficiencies
TORONTO, ON / ACCESSWIRE / November 14, 2024 / Wi2Wi Corporation (TSXV:YTY), a leading supplier of frequency control solutions, today announced its unaudited financial results for the third quarter ended September 30, 2024. The company reported revenues of $1.709 million, reflecting a 20% increase over Q3 2023. Gross margin also improved sequentially, rising from 16% in Q2 to 27% in Q3, driven by optimized product mix and cost efficiencies.
Key Financial Highlights
"Our Q3 results demonstrate the progress we're making on our path to increased revenue and profitability," said Ted Clark, CEO of Wi2Wi Corporation. "We have strengthened our gross margins and continue to focus on both top-line growth and operational efficiencies. These improvements reflect our team's commitment to delivering the highest quality products and driving value for our shareholders. Moving forward, we are expanding our footprint in high-growth sectors and building partnerships that will support sustained growth."
Wi2Wi continues to expand its network of manufacturing representatives and distribution partners as part of the ongoing top line growth strategy. With an unwavering commitment to quality and customer satisfaction, Wi2Wi remains dedicated to delivering exceptional products and services. The company's clear strategic vision and proactive approach to growth continue to drive substantial business improvement, making Wi2Wi well-positioned for future success.
3 Months ending September 30, 2024 Overview (Unaudited)
(In thousands of U.S. dollars) |
| Quarter 3 2024 |
|
| Quarter 3 2023 |
| ||
Revenue |
| $ | 1,709 |
|
| $ | 1,421 |
|
Net income (loss) |
|
| (78 | ) |
|
| (355 | ) |
Net cash provided by (used in) operations |
|
| (212 | ) |
|
| 183 |
|
Total assets |
|
| 9,224 |
|
|
| 7,568 |
|
Cash on hand |
|
| 467 |
|
|
| 1,012 |
|
Total current liabilities |
|
| 1,286 |
|
|
| 1,222 |
|
Shareholders' equity |
|
| 3,306 |
|
|
| 4,280 |
|
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 Corp.
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