Star Metro - Wi2Wi Corporation Announces Full Year 2024 Financial Results

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.

In the fourth quarter, Wi2Wi closed a non-brokered private placement by issuing a total of 12,000,000 Units at a price of $0.05 per Unit, for total gross proceeds of $600,000. The Company intends to use the net proceeds from the private placement for inventory and general working capital purposes.

Full Year 2024 Financial Overview (Audited)

Detailed and historical financial information is available here.

Engages JT Pacific Capital Partners for Capital Markets Advisory

Wi2Wi announces that it has entered into a consulting agreement with JT Pacific Capital Partners Corp ("JT Capital"). Pursuant to the agreement, JT Capital will be focused on increasing investor awareness while introducing Wi2Wi to its network of professional investor contacts. JT Capital will also provide, among other things, investor outreach campaigns, assistance with investor materials and coordination of public events. JT Capital has been retained for a six-month term. In consideration for the services provided by JT Capital, JT Capital will receive compensation of CAD$7,500 per month. JT Capital's principals own 1,968,000 shares and 1,000,000 warrants.

Announces Stock Option Grant

Wi2Wi announces that its board of directors has authorized and approved a grant of stock options to certain independent directors, executive officers, senior management, key employees, and key consultants in accordance with the Company's stock option plan. The Corporation has issued an aggregate of 300,000 options (the "Options") at an exercise price of $0.05 per share. The granting of the Options and issuance of shares are subject to the terms and conditions of the Corporation's Stock Option Plan (the "Plan") adopted by the Corporation on January 28, 2013 and subject to approval by the TSX Venture Exchange, if any approval is needed. The Options will vest on May 31, 2025.

About Wi2Wi Corporation

Wi2Wi is a specialized electronic component supplier with expertise in all aspects of frequency control devices as well as in wireless technologies. Wi2Wi's Precision Devices brand of products has earned a premier spot in numerous key markets including avionics, aerospace, industrial equipment, government, and the US military. Wi2Wi's frequency control products are best-in-class and of the highest quality.

Founded in 2005, Wi2Wi's headquarters, design center and state-of-the-art manufacturing facility are located in the heart of America's industrial belt in Middleton, WI. Wi2Wi can deliver specific solutions using its in-house design and manufacturing expertise, as well as leveraging many tier-1 global partnerships with numerous industry leading silicon and wireless technology suppliers.

Wi2Wi has partnered with best-in-class sales leaders. 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 fulfillment of orders all of which augment a US-based direct sales team.

Wi2Wi is extremely proud to serve hundreds of the world's top companies with its made-in-America products.

Investor & Media Contact

Ted Clark, Chief Executive Officer
+1-469-545-3423
[email protected]

Forward-Looking Statements: This news release contains certain forward-looking statements, including management's assessment of future plans and operations, and the timing thereof, that involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control. Such risks and uncertainties include, without limitation, risks associated with the ability to access sufficient capital, the impact of general economic conditions in Canada, the United States and overseas, industry conditions, stock market volatility. The Company's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, including the amount of proceeds, that the Company will derive there from. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect the Company's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com). Forward-looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made and the Company undertakes no obligation to update forward-looking statements and if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law. All subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward- looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Wi2Wi Corp.

View the original press release on ACCESS Newswire

N.Fournier--SMC