Franklin Wireless Corp Reports Net Loss of $2.9 Million for Fiscal Year 2023

FRANKLIN WIRELESS CORP [FKWL], a leading provider of wireless communication devices, has announced its financial results for the fiscal year ended June 30, 2023. The company reported a net loss of $2.9 million for the year. However, despite the loss, Franklin Wireless Corp achieved annual revenue of $45.9 million, showcasing its commitment to growth and expansion in the highly competitive wireless market.

Financial Performance

Franklin Wireless Corp's financial performance for the year was characterized by a decline in net sales, which amounted to $45.9 million, compared to $24 million in the previous year. The cost of goods sold also increased to $38.9 million, resulting in a gross profit of $7 million. Operating expenses, including selling, general, and administrative expenses, as well as research and development costs, amounted to $9.4 million. This led to a loss from operations of $2.3 million.