changing focus I bought shares because it was a play on the need to use water more efficently WORLDWIDE.
Mr. Ohad Haber, CEO and Chairman of the Board of Water Ways states:
"The first quarter of 2023 shows the shift in our strategy. Over 60% of our revenues were derived from the Canadian market which also resulted in an improved gross profit of over 21%. In the months we also hope to increase our project revenue in Canada and improve our margins."
With these revenues of $4.1 million , that means roughly $1.6 million of their sales were outside Canada. Not zero but not much.
On the other hand , results seem pretty good , better margins and lower expenses. | | (CAD in thousands) | | For the three months period ended March 31, | | | | |
| | | | 2023 | | 2022 | | Change % | | |
| | | Revenues: | | | | | | | | |
| | | Services Projects | | 664 | | 904 | | -26.5% | | |
| | | Products | | 3,448 | | 3,742 | | -7.9% | | |
| | | Total Revenues | | 4,112 | | 4,646 | | -11.5% | | |
| | | | | - | | - | | | | |
| | | Cost of Sales | | 3,226 | | 3,833 | | | | |
| | | Gross Profit | | 886 | | 813 | | | | |
| | | Gross Profit Margin % | | 21.5% | | 17.5% | | | | |
| | | | | - | | - | | | | |
| | | Operating Expenses | | 945 | | 984 | | |
The decline in services revenue may be showing a focus on larger projects that require less engineering/ customization?
The weather in Canada seems to be cooperating and helping the company's new focus with dry weather being widespread ; still wish international operations were doing better