Wi2Wi Corporation Announces Three Months Ending March 31, 2024 (Unaudited)

Company Focused on Top-Line Growth and Business Efficiencies

TORONTO, ON / ACCESSWIRE / May 10, 2024 / Wi2Wi Corporation (Wi2Wi) today announced its unaudited financial results for the first quarter ended March 31, 2024. The company reported revenues of $1.508 million, showing similar revenue performance vs Quarter 4 2023, but showing a revenue decrease vs Quarter 1 2023.

Key Financial Highlights

Wi2Wi has a top priority to deliver significant improvement in revenue growth by rebuilding its network of manufacturing reps and distribution partners for the frequency control business. In addition more sales reps will be added to the direct sales team. During Quarter 1 Wi2Wi made progress in consolidating more of its operations to the Middleton, WI location in order to reduce cost and gain efficiency.

Ted Clark, the newly appointed CEO stated, "By expanding our sales footprint, we believe that we have an excellent opportunity to generate additional business within our current tier 1 customer base as well as drive new business in a number of related industry/government sectors. We will do this while relentlessly focusing on cost reduction and flawless execution throughout all of our business functions."

With a company culture built on quality and customer satisfaction, Wi2Wi continues to focus on delivering outstanding products and services, fostering strong customer relationships, and achieving operational excellence. With a clear strategic vision and a renewed focus on delivering top-line growth, Wi2Wi is well-positioned to accelerate business improvement.

3 Months ending March 31, 2024 Overview (Unaudited)

(In thousands of U.S. dollars)		Quarter 1 2024				Quarter 1 2023
Revenue			$ 1,508				$ 1,840
Net income (loss)			(362	)			(233	)
Net cash provided by (used in) operations			(145	)			(119	)
Total assets			7,031				8,518
Cash on hand			636				1,273
Total current liabilities			1,399				1,217
Shareholders' equity			3,615				5,047

Detailed and historical financial information is available here.