Edgewater Wireless (TSX-V:YFI) bounced back from a lackluster year with higher earnings in fiscal 2019 as the Wi-Fi tech developer shifts into sales mode.
The Ottawa-based firm said Thursday it recorded annual revenues of $420,650 for the 12 months ended April 30. That’s a substantial increase from the $72,600 it reported in fiscal 2018, but the company noted last year its results were hampered by global supply shortages of key product components. Edgewater’s 2019 revenues were up 53.9 per cent compared to fiscal 2017.
The firm also trimmed its net losses in fiscal 2019 to $2.8 million, compared with $3.9 million a year earlier.
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Edgewater Wireless recently unveiled a new platform, which it developed with the cable industry’s non-profit R&D arm, Cable Labs. The firm’s code allows enterprise customers to enable “dual-channel” Wi-Fi, a more efficient way for users to download data in high-density environments. The local company is already working with major customers such as Kroger on implementing dual-channel connectivity in its grocery stores, and has signalled plans to tackle the residential Wi-Fi market in the near future.
While Edgewater is confident in its tech, the firm continues to struggle with its supply chain. The company generated just $26,158 in revenues in the fourth quarter as some of its silicon-powered Wi-Fi devices experienced issues after packaging. The company said in a statement that the issue has been identified and fixes are currently being tested.
Edgewater’s management noted in financial filings that it expects revenues will continue to fluctuate quarter-to-quarter as the firm transitions from its development stage to full-scale production, and as such the company might require additional financing to stay afloat until its products see substantial traction. To that end, the firm raised $1.1 million in a private placement earlier this month.