The Company’s condensed consolidated financial statements for the three-month periods ended
“Despite today’s macroeconomic turmoil and market uncertainty, the rapid development and installation of 5G infrastructure supported by government-funded initiatives continues to move forward,” said
First Quarter 2022 Highlights
- Total revenue increased by 11% for
$425,000in Q1 2022 compared to $383,000in the first quarter of 2021
- The cost of sales was
$206,000in Q1 2022 compared to $175,000in the first quarter of 2021
- The gross profit was
$219,000in Q1 2022 compared to $208,000in the first quarter of 2021
- The total comprehensive loss for Q1 2022 was
($2.23) millioncompared to the overall result of $188,000in Q1 2021. The loss in Q1 was primarily attributed to the company’s one-time IPO costs, including associated high legal and accounting costs incurred to list on TSXV, which were estimated at ~$1.6 million.
- Like a
March 31, 2022the Company had cash and cash equivalents $1.10 millioncompared to $0.10 millionof the December 31, 2021.
The Company, through its wholly owned subsidiary,
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Certain statements contained in this press release constitute “forward-looking information” as that term is defined under applicable Canadian securities laws. The words “may”, “could”, “could”, “should”, “potential”, “will”, “seek”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions in connection with the Company, are intended to identify forward-looking information. All statements other than statements of historical fact may be forward-looking information. These statements reflect the Company’s current beliefs and intentions with respect to future events, as well as current information available to the Company, and are subject to certain risks, uncertainties and assumptions. Many factors could cause the actual results, performance or achievements that may be expressed or implied by such forward-looking information to differ from those described herein, should one or more of these risks or uncertainties materialize. Examples of such risk factors include, but are not limited to: credit; market (including stocks, commodities, currencies and interest rates); liquidity; operational (including technology and infrastructure); reputation; Insurance; strategic; regulatory; legal; environmental; capital adequacy; general business and economic conditions in the regions where the Company operates; the Company’s ability to implement its key priorities, including business retention and strategic plans, and to attract, develop and retain key executives; the ability to implement business strategies and seize business opportunities; low profit market segments; disruptions or attacks (including cyberattacks) on the Company’s information technology, Internet, network access, or other voice or data communication systems or services; developments in various types of fraud or other criminal behavior to which the Company is exposed; failure by third parties to meet their obligations to the Company or its affiliates; the impact of new laws and regulations, changes or enforcement thereof; dependence on key suppliers; permitting and licensing in a highly regulated business; the generally difficult litigation environment, including in the
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