OTTAWA, Ontario–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/MCSR?src=hash” target=”_blank”gt;#MCSRlt;/agt;–Edgewater Wireless Systems Inc. (YFI:
KPIFF), the industry leader in innovative WiFi Multi-Channel Single
Radio (“MCSR”) technology for residential and commercial markets, today
released operating results for the quarter ended October 31, 2018.
Key highlights from the three months ended October 31, 2018 include:
- Commenced production and shipment aligned to customers(s) deployment
- Continue to develop and implement applications designed to drive
adoption of our silicon solutions in concert with industry leading,
global players such as Comcast and Nokia;
- Q2 2019 revenues of $127,900 which marked sequential quarter on
quarter growth of 64.6% and growth over the same quarter a year
earlier of 484%;
- Gross margin of 25.9% was a significant increase from the 9.1%
achieved in the quarter ending October 31, 2017;
- Order backlog of $948,475.
Full financial results posted on SEDAR.
Q2 2019 Results and Accomplishments
The second quarter saw a series of activities that marked significant
progress in the Company’s development. We have grown our enterprise
business to include Mediacom alongside The Kroger Co. and others, and
are now seeing repeat business from existing customers for both network
upgrades and additional equipment.
In addition to our work with Mediacom, we have deepened our
relationships in the cable industry, on both the enterprise and
residential sides, through working our participation in a Wireless
Broadband Association (“WBA”) working group that also included Comcast,
Nokia, Global Reach and BSG Wireless. At the WBA’s Wireless Global
Congress in October, the group demonstrated a handoff from a mobile
network to a WiFi network seamlessly and securely without user
intervention. With worldwide deployment of 5G accelerating over the next
2-3 years, we are working alongside the giants and disruptors of the
industry, who are developing applications on Edgewater’s chipsets.
“ WiFi is being positioned as the foundation of 5G services,” said
Andrew Skafel, President and CEO of Edgewater Wireless. “With our MCSR
technology, Edgewater Wireless is in a prime position to take full
advantage of the opportunity presented by a staggering 110 million
residential broadband connections in the US alone – each connection
representing at least one access point.”
Also in October, we announced the latest enhancements to our aera™ Fluid
MX controller, which provides WiFi network operators the ability to
manage and control hundreds or even thousands of MCSR-powered access
points. This is an important feature for potential chipset customers,
and it will help drive adoption of our chipsets in access points for the
home and business markets. Secondly, this product enhances our aera™
product line by delivering industry-leading features and functionality.
Gross Margins for the second quarter of 2019 were 25.9%, a significant
increase over the 9.1% achieved in the quarter ending October 31, 2017.
Revenues for the reporting period were $127,900, which marked which
marked sequential quarter on quarter growth of 64.6% and growth over the
same quarter a year earlier of 484%.
In September, the Company completed a $1.85 million private placement
financing. This additional financing amounted to dilution of 7.87%. The
proceeds from this financing enabled us to begin scaling manufacturing
and production capabilities, focused our engineering and product
development and provided working capital and operating expenses. The
round also saw us expand our shareholder base to include a number of
technology funds and sophisticated technology-focused investors.
Said Skafel, “We consider this year to be the one Edgewater has evolved
to become a more sophisticated and effective operation. We have engaged
a well-known broadband industry consultant to help refine and clarify
our communications to the industry and the market, and we are continuing
our focus on building a world-class organization.”
The company will hold an Investor Update broadcast today at 4:00 PM EST.
Please click the link below to join the webinar:
We make WiFi. Better.
Edgewater Wireless (www.edgewaterwireless.com)
is the industry leader in innovative WiFi technology for residential and
commercial markets. We deliver advanced silicon solutions designed to
meet the high-density and high quality-of-service needs of service
providers and their customers. With 24+ patents, Edgewater’s
Multi-Channel, Single Radio (“MCSR”) technology revolutionizes WiFi with
its aera™ access point product line, delivering next-generation WiFi
The best solution for High-Density WiFi networks, Edgewater provides
reference designs for easy OEM integration, enabling service providers
to plan, build and deploy reliable, high-capacity services to meet data
demand in any environment, while fewer access points means lower
About Edgewater Wireless Systems Inc.:
Edgewater Wireless develops and commercializes leading edge technologies
and intellectual property for the communications market. Edgewater
Wireless delivers advanced product solutions designed to meet the
high-density, high quality of service (QoS) and high-reliability needs
of service providers and their customers. Leveraging over twenty-four
(24) patents, Edgewater’s WiFi3™is redefining WiFi
technology with its wide-band, multi-channel radio and high-capacity
Access Point solutions, and delivering next generation WiFi, today.
The best solution for High-Density WiFi networks, Edgewater Wireless
WiFi3 powered access point products enable innovative service providers
to plan, build and deploy reliable, high-capacity services (like VoWiFI)
for high-density wireless data demand in any environment.
Do more with less! Fewer access points delivering high quality service
at a lower overall deployment cost make our patented WiFi3™technology
the right choice for your next WiFi network.
This news release contains forward-looking statements and
forward-looking information within the meaning of applicable securities
laws. The use of any of the words “expect”, “anticipate”, “continue”,
“estimate”, “objective”, “ongoing”, “may”, “will”, “project”, “should”,
“believe”, “plans”, “intends” and similar expressions are intended to
identify forward-looking information or statements. Although Edgewater
Wireless believes that the expectations and assumptions on which such
forward-looking statements and information are based are reasonable,
undue reliance should not be placed on the forward looking statements
and information because Edgewater Wireless can give no assurance that
they will prove to be correct. By its nature, such forward-looking
information is subject to various risks and uncertainties, which could
cause Edgewater Wireless’ actual results and experience to differ
materially from the anticipated results or expectations expressed. These
risks and uncertainties, include, but are not limited to access to
capital markets, market forces, competition from new and existing
companies and regulatory conditions. Readers are cautioned not to place
undue reliance on this forward-looking information, which is given as of
the date it is expressed in this news release or otherwise, and to not
use future-oriented information or financial outlooks for anything other
than their intended purpose. Edgewater Wireless undertakes no obligation
to update publicly or revise any forward looking information, whether as
a result of new information, future events or otherwise, except as
required by law.
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