Mr. Zachariah Mathews reports

WI2WI CORPORATION ANNOUNCES FULL YEAR 2022 FINANCIAL RESULTS

Wi2Wi Corp. today released its audited consolidated financial results for the full year ending Dec. 31, 2022. Despite continued supply chain disruptions and price increases due to inflation, the company posted year-over-year revenue growth with additional customers in the pipeline to onboard in 2023.

Key financial highlights

In FY2022 (fiscal 2022), Wi2Wi generated $6.9-million in revenue, up from $6.4-million the previous year. The company retained its core customer base with orders initiated in the second half of the previous year from existing and new customers expected to close in the second half of 2023.

The company saw a decrease in margin primarily related to increases in raw material costs, freight charges and product mix. The company expects margin pressure to ease as inflation cools, supply chain disruptions ease and revenue from orders in the pipeline is booked.

"While we are still feeling the impacts of COVID and the contraction in the tech sector, we are pleased to have turned the tide in our revenue, retained our customer base and are on a path for a strong 2023," said Zachariah Mathews, chief executive officer of Wi2Wi. "As the strong headwinds facing our industry continue to ease, we believe we are in a strong position to drive growth across our business by delivering outstanding products and services to our long-standing and new customers."

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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