Wi2wi at-the-Ready for Key Industries Reopening Following Pandemic
TORONTO, ON / ACCESSWIRE / April 16, 2021 / Wi2Wi Corporation today announced its audited consolidated financial results for the fiscal year ended December 31, 2020. Amid the pandemic, the company remained operational and is well positioned to fulfill an anticipated rise in product demands as customers come back online.
Key Financial Highlights
In FY20, Wi2Wi was designated a part of the Critical Infrastructure Sector by the U.S. Department of Homeland Security. The company was able to maintain operational capacity and upheld COVID-19-related safety measures to prevent any large-scale outbreaks within the workforce.
Throughout the majority of FY20, key customers in avionics, industrial and government were impacted by industry-related shutdowns. While the company anticipates the effects of these shutdowns diminishing as the global vaccine rollout accelerates, they had a significant impact on customer orders.
In FY20, Wi2Wi generated $6.928 million in revenue and a gross profit of $1.066 million. After restructuring the workforce in Q4, the company turned around a net loss of $473,000 in Q3 to a net income of $126,000 in Q4. Through FY20, the company operated debt-free and funded operations through the income it generated.
"Wi2Wi's ability to successfully navigate the challenges of FY20 can largely be attributed to our adaptability and resilience," said Zachariah Mathews, President and CEO of Wi2Wi. "Our priorities in FY21 remain consistent - we are committed to meeting and exceeding customer expectations and ensuring employee safety. As key industries resume operations, we will be able to react to customer demands without delay."
FY20 Financial Overview (Audited)
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(In thousands of U.S. dollars)
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12 Months ending December 31, 2020 | 12 Months ending December 31, 2019 | ||||||
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Revenue
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$ | 6,928 | $ | 10,369 | ||||
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Net income
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(588 | ) | 556 | |||||
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Net cash provided by (used in) operations
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(674 | ) | 906 | |||||
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Cash and restricted cash
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1,739 | 2,680 | ||||||
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Total assets
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11,033 | 12,814 | ||||||
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Total current liabilities
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1,055 | 1,795 | ||||||
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Shareholders' equity
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6,698 | 7,240 | ||||||
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Q4 FY20 Financial Overview
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(In thousands of U.S. dollars)
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3 Months ending December 31, 2020 |
3 Months ending December 31, 2019 |
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Revenue
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$ | 1,414 | $ | 2,360 | ||||
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Net income
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126 | 234 | ||||||
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Detailed and historical financial information is available here.
View visual detailing Wi2Wi's FY20 results 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 located 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
View source version on accesswire.com:
https://www.accesswire.com/640606/Wi2Wi-Corporation-Announces-2020-Year-End-Results
