An Ottawa tech company that’s been plagued by supply-chain disruptions says it’s “capturing strong momentum” despite earning no revenue and posting a net loss of more than $285,000 in its most recent quarter.
Edgewater Wireless, which makes technology aimed at boosting the performance of Wi-Fi networks, said late last week its net loss for the first quarter of its fiscal 2022 year was $286,000, up from $182,000 a year earlier.
The company attributed much of the growing losses to rising general and administrative costs, which jumped by nearly $84,000 to $205,000 in the three-month period ending July 31.
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Edgewater said the additional expenses were due mainly to an “increase in activity” resulting from additional equity it raised earlier this year.
In its fiscal year-end financial filings in August, Edgewater said it “no longer has an existing inventory of key components and has not invested further in production and optimization.”
New partnership
But president and CEO Andrew Skafel said a new partnership with an Eastern Canadian tech firm will help accelerate the firm’s go-to-market push.
Last month, the company announced a new agreement with CMC Microsystems that will see the non-profit organization use Edgewater’s products in residential and industrial applications. Edgewater will also tap into CMC’s design and prototyping expertise as part of the deal.
“Edgewater has generated significant inbound service provider and large enterprise interest and is capturing strong momentum,” Skafel said in a statement. “We are pleased with our progress and are looking forward to building on that momentum.”
Edgewater said in August it had completed a proof-of-concept trial with an unnamed “major tier-one service provider” earlier this year, adding it is working with the service provider to put its products through “extensive lab testing” and continues to “focus on building alliances” with potential partners.”
The company had about $1.1-million in cash on hand at the end of July. In March, the firm issued more than $2-million worth of new units on the TSX Venture Exchange.
