Parsippany, New Jersey, USA – September 28, 2022 – Wireless Telecom Group, Inc. announced today that third quarter bookings and contract signatures are expected to exceed $10 million, as compared to the Company’s previous estimate of $8-10 million.
The Company is seeing strong order flow in the Test & Measurement segment from the Aerospace and Defense industry and recently received several seven-figure purchase orders. In addition, the Radio, Baseband, Software segment has recently received additional support contracts as well as higher than expected signal processing hardware card orders in the third quarter.
Third quarter revenue is expected to continue to face challenging supply chain conditions, which will continue to impact revenue recognition in the second half of the year. The Company has not seen supply chain constraints negatively impact customer commitments. New purchase orders in the third quarter across the Company’s two segments continue to drive the consolidated backlog higher enabling increased revenue expectations in the quarters ahead. The Company’s strategic alternative efforts, announced in earlier press releases and our annual meeting, continue but there is no additional update at this time.
Timothy Whelan, Chief Executive Officer of Wireless Telecom Group, stated, "As anticipated, we have seen the uncertainty of order flow in the second quarter dissipate, and we are expecting a record quarter of customer orders in the third quarter. We believe recent contract wins and strong bookings reflect the successful investments we continue making across our product portfolio that are aligned with complex customer requirements and rapidly evolving industry dynamics. We are focused on working closely with our supply chain to optimize the conversion of these new orders to revenue within 2022."