WidePoint Corporation (WYY)

WidePoint WYY Reports Second Quarter and Year to Date 2024 Financial Results

FAIRFAX, VA / ACCESSWIRE / August 14, 2024 / WidePoint Corporation (NYSE American: WYY ), the innovative enterprise cyber security and mobile technology provider, reported results for the second quarter and six-months ended June 30, 2024. Second Quarter 2024 and Recent Operational Highlights: Awarded $254 million contract modification by the U.S. Department of Homeland Security increasing the ceiling of the Cellular Wireless Management Services 2.0 contract from $500 million to $754 million Selected by the U.S. Navy as one of seven contractors for the 10-Year, $2.7 billion Spiral 4 contract Certified and successfully deployed new proprietary MobileAnchor Digital Credential into a Federal Agency 28th consecutive quarter of positive Adjusted EBITDA Third consecutive quarter ending free cash flow positive Second Quarter 2024 Financial Highlights: Revenues were $36 million, a 35% increase from the same quarter last year Adjusted EBITDA, a non-GAAP financial measure, was $811,000, a 479% improvement from the same quarter last year Gross margin was 14%, and gross margin excluding carrier services revenue was 31% Net loss decreased to $500,000 compared to $842,000 from the same period last year, or a loss of $(0.05) per diluted share Free cash flow1, a non-GAAP financial measure, was $800,000, or an improvement of 467% compared to the same period last year As of June 30, 2024, cash was $4.0 million with no bank debt Six Months 2024 Financial Highlights: Revenues were $70.2 million, a 35% increase from the same quarter last year Adjusted EBITDA, a non-GAAP financial measure, was $1.4 million, a 764% increase from the same quarter last year Gross margin was 14%, and gross margin excluding carrier services revenue was 31% Net loss decreased to $1.2 million or a loss of $(0.13) per diluted share compared to $1.8 million in the same period last year, Free cash flow1, a non-GAAP financial measure, was $1.4 million 1 Free cash flow, a non-GAAP financial measure, is defined as Adjusted EBITDA less capital expenditures Management Commentary "We continue to make significant strides in our sequential financial performance and growth, with notable improvements in both our top-line results and adjusted EBITDA," said WidePoint CEO Jin Kang.