April 2, 2018

Technology - Small Caps

Edgewater Wireless Systems Inc. YFI-TSXV: $0.30

FQ318 Results In Line; Backlog Up 15x Q/Q on Kroger Order Speculative Buy
$1.25 Target

Event: YFI announced FQ318 results in line. All figures are in C$ unless otherwise noted. Projected Return: 300%

Investment Thesis: YFI reported revenue of $24K (EWP: $25K), Adj. EBITDA of ($819K) (EWP:
($90K), and EPS of ($0.01) (EWP: $0.00). Gross margin was a very impressive 85.9%, a record,
reflecting strong services revenues as a proportion of the total. Cash ended the quarter at
$539K. Backlog ended the quarter at over 15x q/q from $77K to $1.2M. The product backlog
includes orders confirmed for products planned to be shipped within two to three quarters to
customers with approved credit status. The increase in backlog is due to the purchase order
from Kroger (KR-US, NR) issued late in the period. SMTC exercised warrants following quarter-
end, increasing cash by $63K and reduced notes payable by $252K – SMTC provides contract
manufacturing services to YFI. During FQ318, other warrant holders exercised their right to
acquire 722,676 shares at prices of $0.375 and $0.50 for net proceeds of $283K. See page 2
for further operational developments. We maintain our SPECULATIVE BUY rating and DCF-
based target of $1.25.

Focus Points:
IoT Leads to Wireless Congestion: As the proliferation of smartphones and wireless devices
continues to grow, rates of data and video usage are also growing at an exponential rate. This
causes significant Quality of Service (QoS) issues due to increased bandwidth usage and
interference caused by multiple access points (APs) functioning within a condensed
geographic area. YFI is positioned to address these current and future performance issues as
well as offer differentiated Wi-Fi products to allow carriers and service providers the ability to
deliver diverse revenue-generating applications and services.

WiFi3 Serves a Big Market: Verticals where YFI’s solution would make a meaningful impact
are the $500B cable industry, $5.4B enterprise Wi-Fi market, $3.0B stadium/concert/public
space market, condo/high-rise market, and retail market. Of the latter, Edgewater has
publicly stated that it is engaged with a top 5 retailer (Kroger).

IP Secured: Backed by 24 patents, Edgewater’s WiFi3 enables multiple, concurrent channels

to transmit and receive from a single Wi-Fi standard compliant radio. This means devices
compete less for bandwidth and spectrum utilization is optimized. The Company’s AP
solutions deliver better performance in high-density or high-interference and reduce capital
costs (i.e., require fewer AP’s) compared with traditional, single channel AP solutions.

Upcoming Catalysts: (1) Conversion of pilots into announced contracts; (2) Global OEM
design wins; (3) IP licensing deals; and (4) Recently achieved OTCQB listing for US trading.

Kroger Update: Kroger will be collaborating with Edgewater Wireless to enhance its in-store
infrastructure with the next generation Wi-Fi platform, powered by Edgewater’s WiFi3
Source: Consensus Data - FactSet, Historicals-
technology. Already deployed in the first store, production is under way for additional stores Company Filings, Forecasts/Estimates-Echelon
and deployments will scale over the next two- to three-year period targeting the first 150-250 Wealth Partners estimates.
stores in 2018. We note that YFI has already received an initial order for $1.1M (as mentioned
above).

Ralph Garcea, MBA, P. Eng | 647.794.1925 | rgarcea@echelonpartners.com

Gianluca Tucci | 647.794.1926 | gtucci@echelonpartners.com Page 1 of 8
 Edgewater Wireless Systems Inc. (YFI-TSXV) | April 2, 2018

Financial Results & Summary

YFI reported revenue of $24K (EWP: $25K), Adj. EBITDA of ($819K) (EWP: ($90K), and EPS of ($0.01) (EWP: $0.00).
Gross margin was a very impressive 85.9%, a record, reflecting strong services revenues as a proportion of total. Cash
ended the quarter at $539K. Backlog ended the quarter at over 15x q/q from $77K to $1.2M. The product backlog
includes orders confirmed for products planned to be shipped within two to three quarters to customers with
approved credit status. The increase in backlog is due to the purchase order from Kroger issued late in the period.
SMTC exercised warrants following quarter-end, increasing cash by $63K and reduced notes payable by $252K – SMTC
provides contract manufacturing services to YFI. During FQ318, other warrant holders exercised their right to acquire
722,676 shares at prices of $0.375 and $0.50 for net proceeds of $283K.

Exhibit 1 – Quarterly Results/Estimates

Forecasts Q118 Q218 Q318 Q318E Diff. Q418E Q119E

Revenue ($M) $0.028 $0.022 $0.024 $0.025 -4% $0.13 $0.25
EBITDA ($M) ($0.8) ($0.9) ($1.0) ($0.1) 751% ($0.3) ($0.2)
EPS (FD) ($0.01) ($0.01) ($0.01) ($0.00) 673% ($0.00) ($0.00)
EPS (Basic) ($0.01) ($0.01) ($0.01) ($0.00) 673% ($0.00) ($0.00)

Source: Historicals- Company Filings, Forecasts/Estimates-Echelon Wealth Partners estimates.

Key operational/corporate developments to note include:

(1) Edgewater Computer Systems Update – Capitalization for Growth: Edgewater Computer Systems, Inc. (ECSI,
Private) is pleased by the rapid adoption of its landmark, standardized technology (STANAG 7221) for the military and
commercial aerospace industry. STANAG 7221 enables major military and commercial aerospace agencies with the
ability to rapidly and affordably add highly deterministic data throughput on existing aircraft networking
infrastructure to support advanced datacentric capabilities. ECSI completed a number of financial transactions
including the sale of a portion of its equity holdings in Edgewater Wireless Systems (YFI) culminating in the sale of
1.4M shares on March 26, 2018. Based on ECSI’s current forecast, these transactions ensure adequate capitalization
required to support future business opportunities anticipated through the balance of the year. The passing of the US
budget to provide funding through the balance of the US fiscal year is an important event that enables the US DoD to
advance funding for new program starts. ECSI now owns 7.1M shares and Duane Anderson owns 8.4M. (combined
now own 10.4% vs. 13.9% q/q).

(2) Focus on Settlement with Major Creditor (SMTC Corp. – SMTX-US, NR) – Account Payables Down Considerably
q/q: YFI settled a US$640K ($840K) payment due from three to four years ago with the issue of 2.24M warrants at
$0.375 with a major creditor (SMTC) and were exercised in early C2018. YFI used the proceeds to pay down debt with
the remaining cash left on the balance sheet.

(3) Focus on Activity in Cable Cector: YFI continues to talk to 4 of the top 5 providers in the cable sector, namely
Mediacom (#5 in US, Private) for city-wide Wi-Fi. Mediacom offers service in 22 states and is the largest cableco in
Iowa and second largest in Illinois.

(4) FCC Certification for Power-Optimized 5GHz Multi-Channel Wi-Fi Module: YFI’s latest multi-channel Wi-Fi module
for the 5GHz band received approval from the FCC. Solutions developed using the 5GHz chipset will be invaluable to
enterprise, manufacturing, public venues, and in homes and MDUs where the demands on Wi-Fi continue to escalate
due to the exponential demand from Wi-Fi-connected mobile and Internet of Things devices. We view this as a
notable milestone for the Company.

Ralph Garcea, MBA, P. Eng | 647.794.1925 | rgarcea@echelonpartners.com Page 2 of 8

 Edgewater Wireless Systems Inc. (YFI-TSXV) | April 2, 2018

Exhibit 2 – Kroger and Edgewater at NRF 2018 in NY

Source: NRF 2018

As YFI advances through the revenue cycle with Kroger, we believe gross/EBITDA margins will move towards
60%/20% as initial product revenues transition to services revenues over time, and more Tier 1/2/3 customers are
secured.

Exhibit 3 – Revenue & Margins

Revenue EBITDA Margin Gross Margin

40,000 70%

35,000 60%
EBITDA\Gross Margin (%)

30,000
50%
Revenue ($000s)

25,000
40%
20,000
30%
15,000
20%
10,000

5,000 10%

0 0%
2017
2016

2018E

2019E

2020E

2021E

2022E

Source: Historicals- Company Filings, Forecasts/Estimates-Echelon Wealth Partners estimates.

Ralph Garcea, MBA, P. Eng | 647.794.1925 | rgarcea@echelonpartners.com Page 3 of 8

 Edgewater Wireless Systems Inc. (YFI-TSXV) | April 2, 2018

Valuation
YFI is trading at C2019E EV/Sales of 2.9x versus its Global Semiconductor comparables at 3.7x.

Exhibit 4 – Global Semiconductor Comparables

GLOBAL SEMICONDUCTORS
Ticker Price Market Cap. LTM GM (%) EV/Sales EV/EBITDA P/E
(Local) (US$) Rev (US$) (LTM) 2017 2018 2019 2017 2018 2019 2017 2018 2019
Spectra7 Microsystems, Inc. SEV-CA 0.18 30 14 43.6 2.5 2.0 1.1 NM NM NM NM NM NM
Edgewater Wireless Systems Inc. YFI-CA 0.30 43 0.3 NM 207.4 15.8 2.9 NM NM NM NM NM NM

Intel Corporation INTC 50.08 234,374 62,761 62.1 4.1 3.9 3.8 9.4 9.3 9.1 16.0 14.1 13.2
Broadcom Limited AVGO 237.42 97,458 18,824 48.7 6.5 5.4 5.1 11.3 10.9 10.5 14.8 12.0 11.4
Texas Instruments Incorporated TXN 102.85 101,183 14,961 62.1 6.9 6.6 6.3 14.9 14.0 13.4 23.6 20.6 18.1
QUALCOMM Incorporated QCOM 54.98 81,390 22,360 57.3 3.0 3.1 3.0 8.1 10.7 8.6 12.8 16.2 14.6
NXP Semiconductors NV NXPI 116.52 40,042 9,256 34.3 4.7 4.4 4.2 13.7 12.1 10.9 17.3 15.8 14.2
Analog Devices, Inc. ADI 90.52 33,475 5,642 54.2 7.8 6.7 6.5 17.1 14.5 13.9 19.2 16.0 15.8
Skyworks Solutions, Inc. SWKS 99.84 18,218 3,789 49.9 4.6 4.3 3.9 10.7 9.6 8.9 15.5 13.7 12.1
Renesas Electronics Corporation 6723-JP 1051.00 16,432 5,780 43.0 2.4 2.3 2.1 9.9 8.9 8.1 22.7 23.0 17.7
Maxim Integrated Products, Inc. MXIM 59.33 16,684 2,382 64.7 6.7 6.2 5.9 16.8 15.1 14.6 28.0 22.7 20.7
Qorvo, Inc. RFMD 68.69 8,689 2,951 28.6 3.0 2.8 2.5 9.5 7.7 7.0 13.4 11.1 9.6
Microsemi Corporation MSCC 64.52 7,587 1,845 52.7 5.2 4.7 4.5 15.9 14.4 13.2 16.8 14.9 13.6
Integrated Device Technology, Inc. IDTI 29.89 3,956 794 57.9 4.8 4.4 4.1 16.4 13.2 11.9 19.5 16.7 15.3
Silicon Laboratories Inc. SLAB 88.37 3,815 769 59.1 4.4 4.1 3.7 19.9 18.0 15.2 27.1 25.6 22.2
Cirrus Logic, Inc. CRUS 39.79 2,521 1,557 49.6 1.5 1.5 1.4 5.6 6.1 NM 9.1 10.1 9.9
Semtech Corporation SMTC 38.60 2,568 588 55.1 4.3 3.9 3.5 13.9 12.4 10.6 20.6 17.8 15.1
Ambarella, Inc. AMBA 49.06 1,634 295 63.6 4.3 4.3 3.6 14.8 23.0 22.0 23.8 35.0 25.1
Inphi Corporation IPHI 29.24 1,261 348 51.1 3.6 4.2 3.3 12.1 23.3 14.3 19.2 35.1 16.6
Quantenna Communications, Inc. QTNA 13.44 484 176 50.0 2.3 1.9 1.5 NM 22.2 10.8 NM 33.1 16.2
Sigma Designs, Inc. SIGM 6.15 243 156 47.7 1.2 1.2 NM NM NM NM NM NM NM
Pixelworks, Inc. PXLW 3.90 139 81 51.6 1.3 1.3 1.1 NM 18.1 NM NM NM NM
AVERAGES: 51.6 4.1 3.9 3.7 13.2 14.1 12.1 19.0 20.0 15.8

Source: Consensus Data - FactSet

Ralph Garcea, MBA, P. Eng | 647.794.1925 | rgarcea@echelonpartners.com Page 4 of 8

 Edgewater Wireless Systems Inc. (YFI-TSXV) | April 2, 2018

Edgewater Wireless Systems Inc. – Tear Sheet (YFI-TSXV, SPEC BUY, $1.25 Target)
$0.90 3.00 Company Description Consensus Current Return
$0.80 Edgewa ter Wi rel es s Sys tems , devel ops a nd ma nufa ctures mul ti -cha nnel , Ra ti ng: Spec Buy
2.50 Ta rget: $ 1.25 346%
$0.70 s i ngl e ra di o (MCSR) wi rel es s communi ca ti ons equi pment a nd Wi Fi
$0.60 2.00 technol ogi es . Its products i ncl ude Wi Fi a nd IOT. The Wi Fi products dea l wi th Medi a n: $ 1.25 346%

Volume (M)
$0.50 i ndoor a nd outdoor a cces s poi nts (APs ). The RTO wi th KIK Pol ymers wa s Hi gh: $ 1.25 346%
Price (C$)

1.50 Low: 346%

$0.40 compl eted i n October 2011. The Compa ny a dopted i ts current na me a t a $ 1.25
$0.30 1.00 meeti ng of s ha rehol ders on Ja nua ry 12, 2012.
$0.20
0.50 Consensus Distribution
$0.10
$0.00 0.00 Buy 1
Mar/17 May/17 Jul/17 Sep/17 Nov/17 Jan/18 Hol d 0
Sel l 0
# of Ra ti ngs 1

Financial Summary/Key Metrics 2016 2017 Q118 Q218 Q318 Q418E 2018E 2019E 2020E 2021E Top Inst. Ownership % Held
Total Revenue 0.1 0.3 0.03 0.0 0.0 0.1 0.2 2.4 13.1 26.1 Uni on Ba nks ha res Corp. (Wea l th Ma
0.01%
na gem
Growth y/y 104% 1167% -57% -71% -8% -27% 1078% 453% 100% McIl ra th & Eck LLC 0.0%
Consensus
Gross Margin 58.2% 26.2% 2.3% 9.3% 85.9% 15.0% 21.0% 25.0% 35.0% 50.0%
EBITDA (1.7) (3.6) (0.8) (0.9) (1.0) (0.3) (3.1) (1.6) (2.2) 1.8
Growth y/y 107% 40% 6% 27% -76% -15.0% -47.3% 36.7% -182.8%
Consensus
Diluted EPS (0.02) (0.03) (0.01) (0.01) (0.01) (0.00) (0.02) (0.01) (0.01) 0.01
Growth y/y 75% 14% -9% 4% -79% -27.8% -50.2% 23.3% -180.1%
Consensus

Net Debt (0.1) 0.4 (0.2) 0.2 (0.3) 0.4 0.4 3.8 13.7 15.4 Key Statistics Value
Capex 0.0 0.0 0.0 0.0 - 0.0 0.0 0.0 0.0 0.0 52 Wk Hi gh 0.84
52 Wk Low 0.19
YTD Chg. -61%
Balance Sheet 2017 Q118 Q218 Q318 Q418E 2018E 2019E 2020E 2021E 1 Yr. Chg. 0%
Cash 0.1 0.5 0.1 0.5 - 0.1 - 0.1 - 3.6 - 13.6 - 15.3 Beta (2.02)
Trade & Other Receivables 0.4 0.3 0.4 0.4 0.1 0.1 1.2 5.5 10.9 Ma rket Ca p 44
Total Current Assets 0.7 1.1 0.6 1.2 0.7 0.7 0.6 4.7 15.5 EV 42
Sha res Outs ta ndi ng (M) 146
Total Assets 1.0 1.2 0.6 1.2 0.7 0.7 0.6 4.7 15.5 LTM Di vi dend -
Di vi dend Yi el d 0.0%
Deferred Revenue - - - - - - - - -
Trade & Other Payables 1.4 1.2 1.6 1.2 0.6 0.6 1.7 5.3 9.2 Valuation 2017 2018E
Total Current Liabilities 1.7 1.4 1.8 1.3 0.7 0.7 1.8 5.3 9.3 EV/Rev 155.5 211.9
Total Liabilities 1.8 1.5 1.9 1.5 0.9 0.9 1.9 5.4 9.3 EV/EBITDA (11.8) (13.8)
Total Liabilities & Shareholders Equity 1.0 1.2 0.6 1.2 0.7 0.7 0.6 4.7 15.5 P/E (8.7) (12.0)

Comparables Return Rev (US$M) EBITDA (US$M) EPS (US$)

Price Target Div Yield
Multiples Analysis 1 Week 1 Month 3 Month YTD 1 Year 2017 2018 2017 2018 2017 2018
YFI-CA 0.28 1.25 0.0% -18% -43% -63% -61% 0% NM NM NM NM NM NM
KR 23.87 0.0% 3% -14% -14% -13% -18% 122,662 123,194 5,860 5,363 2.04 2.07
CSCO 44.06 3.0% 0% -3% 15% 15% 29% 48,005 49,128 17,076 17,127 2.39 2.58
002583-CN 11.47 0.3% -8% -13% -38% -38% -21% 835 1,188 79 175 (0.15) (0.07)
QCOM 56.13 4.1% -4% -16% -13% -12% -1% 23,235 22,382 8,474 6,416 4.28 (0.02)
AVGO 247.73 2.8% 1% -2% -4% -4% 13% 17,665 21,192 10,175 10,551 16.02 19.86
QTNA 13.90 0.0% -6% -4% 23% 14% -34% 176 211 12 18 0.26 0.41
Comparables FCF Yield EV/Rev EV/EBITDA P/E
EV
Multiples Analysis 2017 2018 2017 2018 2017 2018 2017 2018
YFI-CA 33 NM NM NM NM NM NM NM NM
KR 35,795 6.8% 10.8% 0.3 0.3 6.1 6.7 11.8 11.6
CSCO 182,782 5.8% 5.6% 3.8 3.7 10.7 10.7 18.4 17.1
002583-CN 3,876 NM NM 4.6 3.3 49.3 22.1 54.1 26.8
QCOM 70,450 4.7% 5.0% 3.0 3.1 8.3 11.0 13.1 16.6
AVGO 120,767 5.6% 8.2% 6.8 5.7 11.9 11.4 15.7 12.7
QTNA 427 NM NM 2.4 2.0 36.2 23.5 54.2 34.7

Source: Consensus Data - FactSet, Historicals- Company Filings, Forecasts/Estimates-Echelon Wealth Partners estimates.

Ralph Garcea, MBA, P. Eng | 647.794.1925 | rgarcea@echelonpartners.com Page 5 of 8

 Edgewater Wireless Systems Inc. (YFI-TSXV) | April 2, 2018

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ANALYST CERTIFICATION
Company: Edgewater Wireless Systems Inc. | YFI:TSXV
I, Ralph Garcea, hereby certify that the views expressed in this report accurately reflect my personal views about the subject securities or issuers. I also certify that I have not, am not, and
will not receive, directly or indirectly, compensation in exchange for expressing the specific recommendations or views in this report.
IMPORTANT DISCLOSURES

Is this an issuer related or industry related publication? Issuer

Does the Analyst or any member of the Analyst’s household have a financial interest in the securities of the subject issuer?
No
If Yes: 1) Is it a long or short position? No position; and, 2) What type of security is it? None.

Does the Analyst or household member serve as a Director or Officer or Advisory Board Member of the issuer? No

Does Echelon Wealth Partners Inc. or the Analyst have any actual material conflicts of interest with the issuer? No

Does Echelon Wealth Partners Inc. and/or one or more entities affiliated with Echelon Wealth Partners Inc. beneficially own common shares (or any other class of
No
common equity securities) of this issuer which constitutes more than 1% of the presently issued and outstanding shares of the issuer?

During the last 12 months, has Echelon Wealth Partners Inc. provided financial advice to and/or, either on its own or as a syndicate member, participated in a public
No
offering, or private placement of securities of this issuer?

During the last 12 months, has Echelon Wealth Partners Inc. received compensation for having provided investment banking or related services to this Issuer? No

Has the Analyst had an onsite visit with the Issuer within the last 12 months? Vancouver head office visit. May 2017. Yes

Has the Analyst or any Partner, Director or Officer been compensated for travel expenses incurred as a result of an onsite visit with the Issuer within the last 12 months? No

Has the Analyst received any compensation from the subject company in the past 12 months? No

Is Echelon Wealth Partners Inc. a market maker in the issuer’s securities at the date of this report? No

Ralph Garcea, MBA, P. Eng | 647.794.1925 | rgarcea@echelonpartners.com Page 6 of 8

 Edgewater Wireless Systems Inc. (YFI-TSXV) | April 2, 2018

RATING DEFINITIONS

The security represents attractive relative value and is expected to appreciate significantly from the current price over the next 12 month time
Buy
horizon.
Speculative Buy The security is considered a BUY but in the analyst’s opinion possesses certain operational and/or financial risks that are higher than average.
Hold The security represents fair value and no material appreciation is expected over the next 12-18 month time horizon.
Sell The security represents poor value and is expected to depreciate over the next 12 month time horizon.

While not a rating, this designates the existing rating and/or forecasts are subject to specific review usually due to a material event or share price
Under Review
move.
Tender Echelon Wealth Partners recommends that investors tender to an existing public offer for the securities in the absence of a superior competing offer.
Applies to former coverage names where a current analyst has dropped coverage. Echelon Wealth Partners will provide notice to investors whenever
Dropped Coverage
coverage of an issuer is dropped.

RATINGS DISTRIBUTION

Recommendation Hierarchy Buy Speculative Buy Hold Sell Under Review Restricted Tender
Number of recommendations 54 50 11 1 4 1 3
% of Total (excluding Restricted) 45% 42% 9% 1% 3%
Number of investment banking relationships 7 26 1 1 0 1 12
% of Total (excluding Restricted) 20% 74% 3% 3% 0%

PRICE CHART, RATING & PRICE TARGET HISTORY

Date Target (C$) Rating

11-Dec-17 N/A W atch List
Edgewater Wireless Systems Inc. (TSXV:YFI)
20-Feb-18 1.25 Spec Buy
$1.40
$1.20
$1.00
$0.80
$0.60
$0.40
$0.20
$0.00

Price Target (C$)

Coverage initiated: 02/20/2018 Data sourced from FactSet

Ralph Garcea, MBA, P. Eng | 647.794.1925 | rgarcea@echelonpartners.com Page 7 of 8

 Edgewater Wireless Systems Inc. (YFI-TSXV) | April 2, 2018

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