Wi2Wi Corporation Announces Full Year 2024 Financial Results

Company Shows Improved Gross Margin and Continued Focus on Future Revenue Growth

TORONTO, ON / ACCESS Newswire / April 14, 2025 / Wi2Wi Corporation (TSXV:YTY)(OTC PINK:ISEYF) a leader in precision timing devices, frequency control products, and wireless technologies, today announced its audited consolidated financial results for the fourth quarter and full-year ending December 31, 2024.

Fourth Quarter and Full-Year 2024 Highlights (Reported in $USD)

Revenue:

• Fourth quarter revenue of $1.41 million, an 8% decrease over Q4 2023

• Full-year 2024 revenue of $6.31 million, which was essentially flat vs. 2023

Gross Margin:

• Full-year gross margin of 14%, compared to 12% in the prior year.

Profitability and Cash Flow:

• Fourth quarter net loss: of $615,000

• Full-year net loss: of $1.34 million

• Fourth quarter EBITDA (loss) of $369,000

• Full-year EBITDA (loss) of $422,000

• Cash on hand as of December 31, 2024: $431,000

• Net cash used in operations of : ($544,000)

• Working capital of: $2.87 million

CEO Commentary

Reflecting on the company's strategic direction, Ted Clark, CEO stated, "In 2024, Wi2Wi made significant strategic progress by prioritizing our Frequency Control business and reducing emphasis on Wireless products. This shift allowed us to better allocate our resources toward areas with the greatest long-term potential, contributing to improved margins, a broader customer base, and a more sustainable growth trajectory. We enter 2025 with a growing pipeline and a clear view of the path ahead."

Operational & Financial Highlights

In FY2024, Wi2Wi generated USD $6.31 million in revenue, versus USD $6.34 million the previous year. The company's strategic initiatives have fortified its customer base with significant top-tier additions and sustained partnerships highlighting the Company's commitment to delivering high-performance, reliable solutions across diverse market sectors including Avionics, Military, Industrial, Navigation, Automotive and Medical.

In the first-quarter 2024, Wi2Wi announced it appointed Ted Clark as new Chief Executive Officer, bringing a fresh perspective to accelerate our strategic initiatives and operational improvements.

In the fourth quarter, Wi2Wi identified a major account customer shipment that did not meet the Company's quality standards. The Company was able to immediately determine the root cause and take corrective action. This prompt response resulted in follow-on orders totaling nearly USD $500,000 for the same component. The incident underscores the strength of Wi2Wi's customer relationships and its commitment to quality responsiveness. Wi2Wi is actively working to repair all affected returned parts in order to completely resolve this issue.