- EasTower Wireless (ESTW) reported financial results and operating highlights for the three and six months ended June 30, 2022
- Total Revenue increased by 55 per cent to $363K compared to $234K in Q2 2021
- Won additional new site builds from the largest national owned and operated tower company in the U.S
- EasTower Wireless is a U.S. provider of wireless communications infrastructure and related services
- EasTower Wireless Inc. (ESTW) remains unchanged, trading at C$0.045 per share at 4:17 pm ET
EasTower Wireless (ESTW) reported financial results and operating highlights for the three and six months ended June 30, 2022.
Q2 2022 highlights:
- Total revenue increased by 55 per cent to $363K compared to $234K in Q2 2021
- Cost of sales decreased by 21 per cent to $164K compared to $207K in Q2 2021
- Gross profit was $199K versus the $27K in the same period last year
- Total comprehensive loss for Q2 2022 was $(716K) against the comprehensive loss of $(568K) in Q2 of last year
- As of June 30, 2022, the company had cash and cash equivalents of $0.3 million, compared to $0.1 million as of December 31, 2021
YTD 2022 highlights:
- Total revenue increased by 28 per cent to $788K in the first half of 2022 compared to $617K in the same period for 2021
- Cost of sales decreased by 3 per cent to $370K versus $382K in the same period last year
- Gross profit increased by 78 per cent to $418K in the first half of 2022 compared to $235K in the same period in 2021
- Total comprehensive loss for the first half of 2022 was $(2.9) million compared to comprehensive loss of $(380K) in the same period in 2021
Vlado P. Hreljanovic, Chief Executive Officer of EasTower, commented on the results.
“We have been experiencing an abundance of contracts and purchase orders from major telecoms, OEMs and turf venders. As a direct beneficiary of this substantial demand for 5G buildout across America, with limited resources, we reported significant revenue growth year to date and in Q2 compared to last year. More importantly we reported strong gross margins. Our high margin business equips us with a significant opportunity to reach profitability in the near term and that is a key focus of ours.”
Operational highlights:
During the quarter, the company:
- Won additional new site builds from the largest national owned and operated tower company in the U.S.
- Signed a Master Service Agreement with one of the largest owned and operated tower companies in the world providing the company with an opportunity to support this customer in the Kentucky and Tennessee markets.
The company closed a fully subscribed private placement for gross proceeds of C$516,000.
EasTower Wireless is a U.S. provider of wireless communications infrastructure and related services.
EasTower Wireless Inc. (ESTW) remains unchanged, trading at C$0.045 per share at 4:17 pm ET.