DragonWave says it now expects to record higher first-quarter revenue than it had previously projected.
The Ottawa-based wireless broadband component supplier (TSX:DWI) says it’s now projecting that revenue during the three-month period that ended May 31 will be up 60 per cent from the previous quarter. In mid-May, company executives said they expected sequential revenue growth of 50 per cent.
DragonWave reported revenue of US$17.9 million during the fourth quarter of its previous fiscal year.
OBJ360 (Sponsored)
Reshaping the future of health care: The seven big priorities for The Ottawa Hospital’s new campus
These planning principles reflect the hospital’s ambitious vision of the future of health care in our city.
OBJ’s 2024 Book of Lists is here
Almost 25 years after its inception, the Book of Lists remains Ottawa’s most sought-after and valuable business directories.
On a conference call in mid-May to discuss fourth-quarter results, company executives said they were optimistic about the first quarter and expected the company – which has struggled to achieve profitability – to reach the cash-flow break-even point some time this year.
“Over recent quarters, I have described how we believe that revenues would positively inflate. Although this has been later than expected, I am pleased to be able to report that this is now happening,” CEO Peter Allen said at the time.
The revised revenue forecast comes on the heels of a deal with one of the largest companies in India to provide broadband components for an India-wide4G/LTE network.
However, the company warned the increased projections are preliminary and have not been reviewed by outside auditors.