Wi2Wi Corporation Announces Second Quarter Financial Results
Rhea-AI Summary
Wi2Wi Corporation reported a strong Q2 FY21 with revenues of $1.619 million, a 7% increase from Q1 FY21. Gross profits surged by 163% to $465,000, driven by rising demand from key customers in the avionics and industrial sectors as they resume operations. The company holds a cash balance of $2.517 million, up from $2.263 million in Q1 FY21. Overall, the financial results reflect a positive trend in customer demand and effective cash management.
Positive
- Revenue increased by 7% to $1.619 million in Q2 FY21 from Q1 FY21.
- Gross profit rose 163% from $177,000 in Q1 FY21 to $465,000 in Q2 FY21.
- Cash balance increased from $2.263 million in Q1 FY21 to $2.517 million in Q2 FY21.
Negative
- Net income decreased to $(2,000) in Q2 FY21 from $(352,000) in Q1 FY21.
- Total assets slightly decreased from $11.280 million in Q1 FY21 to $11.261 million in Q2 FY21.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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
"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
dawn_l@wi2wi.com
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.
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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