Wireless Telecom Group, Inc. (WTT) Reports Q1 Loss of $0.02, Revenues Beat; Announces Target Revenues of $100M by 2023

Wireless Telecom Group, Inc. (NYSE: WTT) reported Q1 EPS of ($0.02), versus $0.02 reported last year. Revenue for the quarter came in at $13.03 million versus the consensus estimate of $12.03 million.

• Net revenues of $13,032,000, reflecting growth in two of three segments
• Gross Profit of $5,727,000, or 43.9%
• Net loss of $344,000
• Non-GAAP Adjusted EBITDA of $354,000
• New Customer orders of $12,387,000
• March 31, 2019 backlog of firm orders of $7,575,000
• Decrease in S,G&A, increase in R&D to drive future growth
• Company announces target revenues of $100 million by 2023, inclusive of acquisitions

Tim Whelan, CEO of Wireless Telecom Group, Inc., commented, “Our Q1 financial results were as we expected exiting 2018 which was a record year for the Company. Revenue was comparable to last year’s Q1 and yielded margins reflecting our revenue product mix of lower software and more hardware cards. We are pleased with continued top-line strength in Embedded Solutions and the year over year increase in Network Solutions.” Whelan added, “We are excited about our R&D investments and the product initiatives we released during the first quarter across multiple segments which included product collaboration on LTE eNodeB software, our product launch for real-time public safety monitoring, and our launch of noise sources for 5G test systems.”

Whelan continued, “We continue to invest for long-term growth and remain optimistic for continued momentum throughout the remainder of 2019. We are on track for our long-term target of $100 million in revenue, consisting of strong organic growth and strategic acquisitions, while improving profitability and cash flows.”

For earnings history and earnings-related data on Wireless Telecom Group, Inc. (WTT) click here.

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