Key Highlights

  • Wi2Wi Corporation (“company”, “Wi2Wi”) reported Q2-2019 revenues of $2.92 million, YoY growth of 19.90%. Given the company’s strong improvement in revenues, we have revised our 2019, and 2020, revenue forecasts to $11.96 million (from $10.82 million) and $13.39 million (from $12.22 million), respectively.
  • Improvement in Gross margins: Gross margins improved from 31.51% in Q2-2018 to 37.27% in Q2-2019 – exceeding our expectations. We had forecasted 2019 gross margins of 30.42% and are revising to 34.56%. In addition, our longer-term gross margins have been revised upwards.
  • Improvement in Net Income: Q2-2019 net income was $124k (EPS: $0.00) versus Q2-2018’s net income of $9k (EPS: $0.00). The improvement in net income was due to stronger revenues and gross margins. Due to revisions in revenues and gross margins, our revised 2019, and 2020, earnings forecast is $0.35 million (EPS: $0.00) and $0.78 million (EPS: $0.01). This compares to our previous 2019, and 2020, earnings forecast of -$0.75 million (EPS: -$0.01) and $0.27 million (EPS: $0.00), respectively.
  • At the end of Q2-2019, the company had $2.03 million in cash. Working capital and the current ratio were $5.33 million and 4.62x, respectively. The company had no debt.

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