WidePoint Reports Third Quarter 2024 Financial Results
Company remains on track to hit higher end of annual guidance range FAIRFAX, VA / ACCESSWIRE / November 13, 2024 / WidePoint Corporation (NYSE American:WYY) , the innovative enterprise cyber security and mobile technology provider, reported results for the third quarter and nine-months ended September 30, 2024. Third Quarter 2024 and Recent Operational Highlights: Won $15.2 million in contract awards and renewals during the third quarter of 2024, of which $1.4 million were IT as a Service contracts Awarded two MobileAnchor Digital Credential contracts for the quarter from federal defense and civilian agencies Certified and successfully deployed new proprietary MobileAnchor Digital Credential solution into two Federal Agencies 29 th consecutive quarter of positive Adjusted EBITDA 1 Fourth consecutive quarter ending free cash flow positive Third Quarter 2024 Financial Highlights: Revenues were $34.6 million, a 35% increase from the same quarter last year Adjusted EBITDA 1 , a non-GAAP financial measure, was $574,000, a 149% improvement from the same quarter last year Gross margin was 14%, and gross margin excluding carrier services revenue increased to 38% from 35% in the same period last year Net loss improved to ($425,200) compared to ($921,100) from the same period last year, or a loss of ($0.04) per diluted share Free cash flow 1 , a non-GAAP financial measure, was $511,000, or an improvement of 120% compared to the same period last year As of September 30, 2024, cash was $5.6 million with no bank debt Nine Months 2024 Financial Highlights: Revenues were $104.9 million, a 35% increase from the same quarter last year Adjusted EBITDA, a non-GAAP financial measure, was $1.9 million, a 424% increase from the same quarter last year Gross margin was 14%, and gross margin excluding carrier services revenue was 33% Net loss improved to ($1.6) million or a loss of ($0.17) per diluted share from ($2.7) million in the same period last year Free cash flow, a non-GAAP financial measure, was $1.9 million compared to ($590,000) from the same period last year 1 Free cashflow and Adjusted EBITDA are non-GAAP financial measures.
WidePoint (WYY) May Report Negative Earnings: Know the Trend Ahead of Next Week's Release
WidePoint (WYY) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
WidePoint's Subsidiary IT Authorities Awarded More than $1.7 Million in Cisco and Managed IT Services Contracts
FAIRFAX, VA / ACCESSWIRE / October 30, 2024 / WidePoint Corporation (NYSE American:WYY) , the innovative enterprise cyber security and mobile technology provider, announced that its subsidiary IT Authorities ("ITA") has been awarded more than $1.7 million in Cisco and Managed IT Services contracts. Jin Kang, WidePoint's Chief Executive Officer, stated: "These contracts, including $1.4 million in previously disclosed awards dated Q3 2024, illustrate the value and resilience of ITA.
WidePoint Awarded More than $15.2 Million in New and Renewal Contracts in Q3 2024
FAIRFAX, VA / ACCESSWIRE / October 23, 2024 / WidePoint Corporation (NYSE American:WYY) , the innovative enterprise cyber security and mobile technology provider, announced it was awarded approximately $15.2 million in contract awards and renewals during the third quarter of 2024. Jin Kang, WidePoint's Chief Executive Officer, stated: "Q3 2024 confirms that each of WidePoint's solution lines is gaining market momentum.
WidePoint to Present at the 17th Annual LD Micro Main Event on Wednesday, October 30th at 8:00 a.m. PT
FAIRFAX, VA / ACCESSWIRE / October 14, 2024 / WidePoint Corporation (NYSE American: WYY ), the innovative enterprise cyber security and mobile technology provider, will be attending the 17th annual LD Micro Main Event on October 28-30, 2024 at the Luxe Sunset Boulevard Hotel in Los Angeles, California. WidePoint is scheduled to present on Wednesday, October 30th at 8:00 a.m.
WidePoint Awarded New Federal Contract for MobileAnchor Derived Digital Identity & Access Management Credentials
FAIRFAX, VA / ACCESSWIRE / September 30, 2024 / WidePoint Corporation (NYSE American:WYY), the innovative enterprise cyber security and mobile technology provider, announced it has been awarded a new one-year agreement for MobileAnchor™ Derived Digital Credentials for a Federal Civilian Agency. WidePoint will provide identity and access management services and support through its recently developed proprietary MobileAnchor™ Derived Digital Credential.
Despite Fast-paced Momentum, WidePoint (WYY) Is Still a Bargain Stock
WidePoint (WYY) could be a great choice for investors looking to buy stocks that have gained strong momentum recently but are still trading at reasonable prices. It is one of the several stocks that made it through our 'Fast-Paced Momentum at a Bargain' screen.
WidePoint to Present at the H.C. Wainwright 26th Annual Global Investment Conference on September 11, 2024
FAIRFAX, VA / ACCESSWIRE / August 27, 2024 / WidePoint Corporation (NYSE American:WYY), the innovative enterprise cyber security and mobile technology provider, will be presenting and holding one-on-one meetings at the H.C. Wainwright 26th Annual Global Investment Conference on September 9-11, 2024 at the Lotte New York Palace Hotel in New York City.
WidePoint Corporation (WYY) Q2 2024 Earnings Call Transcript
WidePoint Corporation (NYSE:WYY ) Q2 2024 Earnings Conference Call August 14, 2024 4:30 PM ET Company Participants Jin Kang - President and CEO Jason Holloway - Chief Revenue Officer Robert George - CFO Conference Call Participants Barry Sine - Litchfield Hills Research Operator Good afternoon. Welcome to WidePoint's Second Quarter 2024 Earnings Conference Call.
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.
WidePoint Sets Second Quarter 2024 Conference Call for Wednesday, August 14, 2024 at 4:30 p.m. ET
FAIRFAX, VA / ACCESSWIRE / July 31, 2024 / WidePoint Corporation (NYSE American:WYY) , the innovative enterprise cyber security and mobile technology provider, will hold a conference call on Wednesday, August 14, 2024 at 4:30 p.m. Eastern time to discuss its financial results for the second quarter ended June 30, 2024.
WidePoint Certifies New Proprietary MobileAnchor Digital Credential for Mobile Devices
FAIRFAX, VA / ACCESSWIRE / July 30, 2024 / WidePoint Corporation (NYSE American:WYY) , the innovative enterprise cyber security and mobile technology provider, announced it has successfully deployed a new product offering into a Federal Agency, a proprietary derived digital credential for mobile devices called MobileAnchor™. Jin Kang, WidePoint's Chief Executive Officer, stated: "I am excited to announce that WidePoint has successfully developed, tested, and authenticated MobileAnchor™ which is stored directly on the mobile device, providing the highest level of security available.
