WTT - Wireless Telecom Non-GAAP EPS of $0.00 revenue of $5.2M

2023-05-15 12:08:34 ET

• Wireless Telecom press release ( NYSE: WTT ): Q1 Non-GAAP EPS of $0.00.
• Revenue of $5.2M (-14.8% Y/Y).
• Bookings of $5.2 million in the quarter and backlog of $6.7 million as of March 31, 2023, a $2.4 million, 56% increase to the backlog at March 31, 2022

• Second Quarter 2023 Operating Results:

  • Consolidated net revenues decreased $884,000 from the prior year period due to supply chain delays and export license delays.
  • Gross profit margin decreased from 57.9% in the prior year period to 57.0% in the first quarter 2023 due to lower revenue resulting in lower absorption of fixed manufacturing costs.
  • Operating expenses increased $44,000 from the prior year period reflecting higher legal fees and severance expenses offset by lower commissions and stock based compensation expense.
  • Loss from continuing operations of ($941,000) compared to a loss of ($796,000) in the prior year. The higher loss is due primarily to lower gross profit offset by interest income versus interest expense in the prior year.
  • Non-GAAP Adjusted EBITDA of $(123,000) compared to $455,000 in the prior year, primarily due to lower revenues and higher legal expenses.

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