Wi2Wi Corporation Announces Three Months Ending June 30, 2024 (Unaudited)
Rhea-AI Summary
Wi2Wi announced unaudited financial results for Q2 2024, ending June 30. The company reported revenues of $1.685 million, an 8% increase from Q2 2023 and a 12% increase from Q1 2024. Wi2Wi is focusing on accelerating revenue growth by expanding its network of manufacturing representatives and distribution partners in the frequency control business. The company successfully expanded its presence in key U.S. territories during Q2 and plans to strengthen its direct sales team.
Despite the revenue increase, Wi2Wi reported a net loss of $286,000 for Q2 2024, an improvement from the $425,000 loss in Q2 2023. The company's total assets decreased to $6.531 million from $8.287 million year-over-year, while cash on hand reduced to $712,000 from $973,000. Wi2Wi remains committed to cost optimization, manufacturing efficiencies, and flawless execution across all business operations.
Positive
- Revenue increased by 8% year-over-year to $1.685 million in Q2 2024
- 12% revenue growth compared to Q1 2024
- Net loss reduced from $425,000 in Q2 2023 to $286,000 in Q2 2024
- Successful expansion of presence in key U.S. territories
- Net cash provided by operations improved from -$137,000 to $190,000
Negative
- Net loss of $286,000 in Q2 2024
- Total assets decreased from $8.287 million to $6.531 million year-over-year
- Cash on hand reduced from $973,000 to $712,000 year-over-year
- Shareholders' equity declined from $4.622 million to $3.349 million
News Market Reaction
On the day this news was published, ISEYF declined NaN%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Company Focused on Top-Line Growth and Business Efficiencies
TORONTO, ON / ACCESSWIRE / August 22, 2024 / Wi2Wi Corporation (Wi2Wi) today announced its unaudited financial results for the second quarter ended June 30, 2024. The company reported revenues of
Key Financial Highlights
Wi2Wi is committed to accelerating revenue growth by strategically expanding its network of manufacturing representatives and distribution partners in the frequency control business. As part of this initiative, Wi2Wi successfully expanded its presence in key U.S. territories during Quarter 2 and is planning to strengthen its direct sales team further to capitalize on new market opportunities.
Ted Clark, Wi2Wi CEO, emphasized, "In Quarter 2 2024, we made significant strides in broadening our sales footprint, setting the stage for sustained top-line growth in the latter half of 2024 and beyond. Our ongoing focus on cost optimization, manufacturing efficiencies, and flawless execution across all business operations strongly positions us for continued success."
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 June 30, 2024 Overview (Unaudited)
(In thousands of U.S. dollars) |
| Quarter 2 2024 |
|
| Quarter 2 2023 |
| ||
Revenue |
| $ | 1,685 |
|
| $ | 1,560 |
|
Net income (loss) |
|
| (286 | ) |
|
| (425 | ) |
Net cash provided by (used in) operations |
|
| 190 |
|
|
| (137 | ) |
Total assets |
|
| 6,531 |
|
|
| 8,287 |
|
Cash on hand |
|
| 712 |
|
|
| 973 |
|
Total current liabilities |
|
| 1,279 |
|
|
| 1,524 |
|
Shareholders' equity |
|
| 3,349 |
|
|
| 4,622 |
|
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
View the original press release on accesswire.com
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