Wireless Telecom Group, Inc. (WTT) Reports Q1 Loss of $0.05, Revenues Miss

Wireless Telecom Group, Inc. (NYSE: WTT) reported Q1 EPS of ($0.05), versus ($0.02) reported last year. Revenue for the quarter came in at $9.43 million versus the consensus estimate of $12.03 million.

• Net revenues of $9,429,000
• Gross Profit of $4,428,000, or 47.0%
• Net loss of $1,147,000
• Non-GAAP Adjusted EBITDA loss of $308,000
• March 31, 2020 customer order backlog of $4,901,000

Tim Whelan, CEO of Wireless Telecom Group, Inc., commented, “Our Q1 financial results were in line with our expectations and reflected declines from weak bookings exiting 2019. Despite lower revenue, our cost reductions and supply chain management efforts helped us improve our gross margins.” Whelan added, “Like so many companies, we saw a softening in new bookings and revenues in the last weeks of March which we believe are attributable to the impact of COVID-19. The adverse impact of the pandemic on the U.S. and global economies is being felt and we may continue to encounter interruptions in supply chain and customers’ businesses in coming months impacting orders and project progression. That said, we are encouraged by the increase of approximately $1 million to our backlog compared to year-end, and we are confident in our product roadmap for the remainder of 2020. We are pleased to report continued interest in our full suite of 4G and 5G software offerings and a new customer win in May 2020 for CommAgility 4G software for a transportation network application. Last, we have made a number of adjustments to our operations for our employees’ well-being, and we are especially thankful for their resilience, innovation and dedication to our mission as we continue to serve our customers as an essential business during these challenging times.”

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

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