An Ottawa tech company that has struggled to gain traction amid supply-chain disruptions says it didn’t earn any money at all in 2021 while posting a net loss of nearly $775,000.
Edgewater Wireless, which makes technology aimed at boosting the performance of Wi-Fi networks, said this week it was able to cut its losses for the fiscal year ending April 30 by 62 per cent compared with 2020. But the company still didn’t generate any cash in fiscal 2021, saying production of new products “was delayed due to lack of funds.”
In financial filings this week, Edgewater said it “no longer has an existing inventory of key components and has not invested further in production and optimization.”
The company said it completed a proof-of-concept trial with an unnamed “major tier-one service provider” earlier this year, adding it is working with the service provider to put its products through “extensive lab testing” and continues to “focus on building alliances” with potential partners.”
The company said it expects to provide an update later this fall.
“We’re pleased with our progress over a challenging year and are looking forward to building on the momentum,” president and CEO Andrew Skafel said in a statement.
Edgewater had about $1.5-million in cash on hand at the end of April. In March, the firm issued more than $2-million worth of new units on the TSX Venture Exchange.