Edgewater Wireless (TSX-V:YFI) is making good on plans to kick its WiFi solutions business into high gear, recording massive year-over-year revenue growth in its most recent quarter.
On Tuesday the Ottawa-based firm, which develops high-density wireless connectivity solutions, reported revenues of $188,871 for the quarter ending Jan. 31. That’s 47 per cent higher than revenues in the previous quarter and more than eight times its sales over the same period a year ago.
The substantial jump in revenue follows Edgewater’s shift from mainly services revenues to sales of its multi-channel WiFi products. CEO Andrew Skafel told OBJ in August that the company was gearing up to transition from development to production stage in the coming year.
(Sponsored)
Local businesses face hiring obstacles due to immigration pullback, flawed screening
In his 39 years of practicing immigration law, Warren Creates (a rare Law Society Certified Specialist) has never seen an environment so challenging for employers looking to hire workers from
How The Ottawa Hospital uses AI tools to boost health outcomes and streamline clinical efficiency
Dr. Douglas Manuel says it all began with the Ottawa Ankle Rules algorithm, a set of clinical guidelines developed in the early 1990s by The Ottawa Hospital’s Dr. Ian Stiell
Skafel said then the company was set up for success heading into the most recent quarter after landing vendor status with cable provider Mediacom and signing grocery chain Kroger to a deal. The sizeable U.S. company uses Edgewater’s tech to enable high-density WiFi connections inside its grocery stores.
In a release Tuesday, Skafel called Edgewater’s most recent earnings a “pivotal period” for the company.
Edgewater’s order backlog stood at $888,480 as of Jan. 31. Prospects for new business, as well as repeat customers and existing partnerships with sizeable players in the wireless industry, are giving the firm an optimistic outlook.
The firm posted a net loss of $813,100 for the quarter, down from $925,896 in the same period a year ago.
