In our last update about Edgewater Wireless, traded on the TSX Venture Exchange with the symbol YFI.V, we noted that the stock was again an uptrend since October, both in price AND volume. The $0.30 level was and remains the breakout area.
YFI.V was bid in the weeks before the annual shareholder meeting which took place on Tuesday December 15th. We said we would report back to our readers with the important highlights of the results.
- 3 months ending October 2015: $73k revenue, $597k expenses, $1.8M cash and cash equivalents, 127k shares
- 3 months ending October 2014: $13k, $502k expenses, $142k cash and cash equivalents, 113k shares
The company is heavily investing in consultancy and product development for its patent business. The increase in cash is related to the issuance of new shares, which make it viable to survive the huge cash burn.
Since October, the price chart looks increasingly constructive. After a false breakout, the stock is back at the breakout level, with a nice patter of higher lows. We want to see a breakout on higher than average volume. Whether that will occur or not, remains to be seen, as the trigger should not come from the quarterly results but from the technology and outlook of the company.