Mr. Zachariah Mathews reports
WI2WI CORPORATION ANNOUNCES SECOND QUARTER FINANCIAL RESULTS
Wi2Wi Corp. has released its unaudited consolidated financial results for the quarter ending June 30, 2022. The company continues to execute on the fundamentals of its operations, while investing in research and development to best serve customers.
Key financial highlights
In Q2 of fiscal year (FY) 2022, Wi2Wi saw new inquiries for quotes from new and existing customers, including those in avionics, IIoT (industrial Internet of things) and health care. The company is investing heavily in research and development (R&D) both internally and externally, and anticipates a healthy book-to-bill ratio to continue in the coming months.
This quarter, revenue was $1,561,000. Gross profit decreased from $465,000 in Q2 FY 2021 to $128,000. The company's cash management strategy remains effective, with $1,812,000 in cash on hand.
"As we close out the first half of FY 2022, we are excited about the prospects on the horizon," said Zachariah Mathews, chief executive officer of Wi2Wi. "Our continued focus on R&D shows outstanding promise, and we are seeing increased bookings and interest from both new and existing customers. We look forward to welcoming Jason Grelowski, an experienced business executive and entrepreneur, to our board. Through these changes, we are confident our positive momentum will carry forward and that our book-to-bill ratio will continue to rise in the coming months."
About Wi2Wi Corp.
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), IIoT, avionics, space, industrial, medical and government sectors.
Wi2Wi was founded in 2005 and is strategically headquartered in San Jose, Calif., with satellite offices in Middleton, Wis., 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, Wis. 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 fulfilment of orders along with direct sales.
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