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.
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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.