Edgewater Wireless Reports First Quarter 2019 Results and Issues Update to Shareholders
October 01 2018 - 11:03AM
InvestorsHub NewsWire
Ottawa, Canada --
October 1st, 2018 -- InvestorsHub NewsWire
-- Edgewater Wireless Systems Inc. (YFI; TSX.V) (OTCQB: KPIFF), the developer
of WiFi3™ -- multi-channel
WiFi chipsets and access point
products for high-density wireless networks -- today announced
operating results for the quarter ended July 31, 2018.
Key Highlights for the three months ended July 31, 2018
include:
- Successful launch of two
new product variants into production in Q1’19
- Commenced regular
production and shipment aligned to customer(s) deployment
requirements
- Gross Margins of 25.5%, a
significant increase over the quarter ended July 31,
2017
- Q1 2019 revenues of $77,700
which exceeded total Fiscal Year 2018 revenues
- Order backlog is
$1,066,341
Q1 2019 Results and
Accomplishments:
Progress in the first quarter was significant with the initial
production of two new radio card variants for our Fortune 50 OEM
customer. We have now commenced a regular tempo of production and
shipments aligned to customer(s) deployment requirements. This
marks an important milestone for the Company as we continue our
transition to an early-stage production company.
“With the launch of two new radio card variants into production,
our team has made significant progress in executing our plan to
bring our revolutionary WiFi3™ to market” said Andrew Skafel,
President and CEO of Edgewater Wireless. “We’re focused on
scaling our operations to support our existing customers and
creating a platform for growth moving forward.”
Gross Margins for the first quarter of 2019 were 25.5%, a
significant increase over the quarter ended July 31, 2017. As
production runs scale, we are seeing significant improvements in
Gross Margin and target 45-50% Gross Margins at volume.
Revenues for the reporting period were $77,700 which exceeded full
year fiscal 2018 revenues and reflect our intense focus on
operationalizing production. Backlog and deferred revenue held
constant for the reporting period as production of new radio card
variants were brought on line. Over the next 3-4 quarters, we
anticipate some reduction in backlog and deferred revenue as we
deliver against existing orders and secure new orders.
Our continued work with CableLabs and the UpRamp accelerator
program is bearing fruit as we are now engaged with 4 out of 5 of
the largest Cable Operators. We expect profitable partnerships as
we expand from our Enterprise WiFi (business) focus to include the
larger Residential WiFi (home) market. Cableco's biggest problem is
dealing with the proliferation of WiFi devices and our
multi-channel WiFi3TM is at the forefront in solving the
problem.
In July 2018, we were awarded Approved Vendor Status with Mediacom,
the 5th largest Cable Operator in the USA – a significant milestone
not only in proving our innovative WiFi3TM technology, but also, in
integrating our aera.io solutions and family of FLUID controllers
with a major Service Provider’s network operation. This milestone
puts us alongside an established, incumbent vendor and positions us
for growth in the upcoming quarters.
Our work with Mediacom, in the Enterprise WiFi space, establishes
our foothold in the $21.1B market and we expect current quarter
activity with our aera.io products as the Mediacom team is trained
to sell WiFi3TM powered solutions.
In June 2018, we announced our latest distribution partner Sir
Terry Matthews backed Wesley Clover Services Europe (WCS) for
distribution of WiFi3TM powered Access Point solutions, as well as
OEM and Technology Licensing partner development in Europe. WCS
believes WiFi3TM is the best solution to address high-density WiFi
applications. We expect WCS to help us grow customer relationships
in France and other parts of Europe.
Backed by 24 patents, Edgewater’s
WiFi3™ is the best solution for in high-density WiFi
applications. Edgewater’s patented technology mitigates adjacent
and co-channel interference to enable multiple, concurrent channels
of transmit and receive from a single WiFi standards-compliant
radio. Delivering the highest channel density in the
industry means fewer access points to deliver the highest Quality
of Service (QoS) for users. For more information on
High-Density WiFi solutions and OEM packages. For more information,
visit: www.edgewaterwireless.com or http://www.aera.io/
About
Edgewater Wireless Systems Inc.:
Edgewater Wireless develops and commercializes
leading edge technologies and intellectual property for the
communications market. Edgewater Wireless delivers advanced
solutions designed to meet the high-density, high quality of
service (QoS) and high-reliability needs of service providers and
their customers. Leveraging over twenty-four (24) patents,
Edgewater’s WiFi3™ is redefining WiFi technology with its
wide-band, multi-channel silicon solutions and high-capacity Access
Point solutions, and delivering next generation WiFi,
today.
The
best solution for High-Density WiFi networks, Edgewater Wireless
WiFi3™ powered access point products enable innovative service
providers to plan, build and deploy reliable, high-capacity
services (like VoWiFi) for high-density wireless data demand in any
environment.
Do
more with less! Fewer access points delivering high quality service
at a lower overall deployment cost make our patented WiFi3™
technology the right choice for your next WiFi
network.
Explore the evolution of Wi-Fi at www.EdgewaterWireless.com
& www.aera.io
Forward-Looking
Statements
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.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS
REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE
POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR
THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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