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.
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