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Wireless Telecom Group (WTT) reported its Q4 2022 results, showcasing a net revenue increase of 14.3% year-over-year, totaling $6.7 million. Gross profit reached $4.0 million (60% of net revenue), up from $3.3 million in Q4 2021. The company achieved a net income from continuing operations of $256,000, reversing a loss of $250,000 from the prior year. For the full year, net revenues were $22.4 million, a slight decline of 1.4%. Despite a $2.5 million net loss from continuing operations, net income overall was $14.6 million, driven by successful sales of its Microlab and CommAgility businesses, raising approximately $35.3 million.
Wireless Telecom Group (NYSE: WTT) announced its participation at SATELLITE 2023, showcasing its test and measurement brands: Boonton, Holzworth, and Noisecom. The event takes place in Washington, D.C., from March 13-16, 2023. With the rise of low Earth orbit (LEO) satellites for low-latency communications, the company will demonstrate critical network performance metrics testing. Key capabilities include RF power measurement, phase noise analysis, and noise generation simulations. David Summers, VP of Sales, emphasizes the company's commitment to enhancing satellite communication design through their innovative solutions.
Wireless Telecom Group (NYSE American: WTT) has completed the sale of CommAgility Ltd. to E-Space for $14.5 million, consisting of $13.75 million in cash and a $750,000 note. This sale is part of the company's strategy to focus on its Test & Measurement brands: Boonton, Holzworth, and Noisecom. CEO Tim Whelan emphasized that this transaction is a significant step towards maximizing shareholder value. The company is also exploring further strategic alternatives to enhance shareholder value, but no specific outcomes are guaranteed.
Wireless Telecom Group (WTT) announced the sale of its CommAgility LTD. segment to E-Space for $14.5 million, comprising $13.75 million in cash and a $750,000 note payable. This decision follows an exploration of strategic alternatives aimed at maximizing shareholder value. The Board of Directors has unanimously approved the agreement, which is expected to finalize by January 31, 2023, pending regulatory approvals. Post-transaction, Wireless Telecom will focus solely on its Test & Measurement brands.