OTTAWA, Ontario--(BUSINESS WIRE)--
Posts 479% year-on-year growth in revenues
Edgewater Wireless Systems Inc. (YFI; TSX.V) (OTCQB: KPIFF), the industry leader in Wi-Fi Spectrum Slicing technology for residential and commercial markets, today announced the financial and operating results for its year ended April 30, 2019.
Fiscal Year 2019 Financial Highlights
- FY 2019 revenues of $420,650 which marked a sequential year-on-year growth of 479%
- Q4 2019 revenues were impacted by a post-packaging yield issue on silicon, which resulted in a supply line disruption. We understand the issue and have defined improvements that are being implemented and tested.
- Gross Margins of 25.6% for the year were consistent with our expectations. 45-50% Gross Margin is targeted on volume production.
- Open orders are held for $839,873 of goods and services to be delivered.
- Net loss totaled $2,806,200 for the year compared to $3,867,400 a year earlier due to operational efficiencies and cost controls.
“Fiscal Year 2019 marked a significant transition for the company as we began to establish revenue growth with early Enterprise adopters; while establishing the company as a leader in the next generation of Residential (home) Wi-Fi solutions,” said Andrew Skafel, President and CEO of Edgewater Wireless. “The $12.9 billion Consumer (home) market1 is evolving so quickly that new collaboration and licensing opportunities are accelerating faster than expected.”
The Financial Statements and Management Discussion & Analysis are available on SEDAR.
About Edgewater Wireless
We make Wi-Fi. Better.
Edgewater Wireless (www.edgewaterwireless.com) is the industry leader in innovative Wi-Fi Spectrum Slicing technology for residential and commercial markets. A disruptive, next-generation approach to wireless, Wi-Fi Spectrum Slicing optimizes scarce spectrum to deliver demanding applications like video, gaming, and voice applications as the highest quality-of-service possible.
Backed by 24+ patents, we deliver high-performance MCSR™ silicon, advanced MCSR™ powered Access Points and Intellectual Property (IP) licensing to OEM and ODMs; service providers; and silicon manufacturers.
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. Although Edgewater Wireless believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward looking statements and information because Edgewater Wireless can give no assurance that they will prove to be correct. By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause Edgewater Wireless’ actual results and experience to differ materially from the anticipated results or expectations expressed. These risks and uncertainties, include, but are not limited to access to capital markets, market forces, competition from new and existing companies and regulatory conditions. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this news release or otherwise, and to not use future-oriented information or financial outlooks for anything other than their intended purpose. Edgewater Wireless undertakes no obligation to update publicly or revise any forward looking information, whether as a result of new information, future events or otherwise, except as required by law.
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